3-month LIBOR falls to 3.37%

In the wake of the 1% base rate fall yesterday, 3-month LIBOR has fallen today by 0.34% to 3.37%.

The rate was announced by the British Bankers’ Association at 12pm today and it needed to come down today for there to be any chance of lenders reducing the rates on new products.

In the wake of the 1.5% base rate cut last month 3-month LIBOR fell by a whopping 1% to 4.49%, but this meant that LIBOR was still 1.5% over the base rate.

With it now 1.37% over base the industry will now be hoping that 3-month LIBOR sees further falls over the next week.