A historical LIBOR rates chart is one that compares how LIBOR rates have changed over time. Banks use the LIBOR rate to establish rates of interest on short-term loans. LIBOR is an acronym that stands for the London Interbank Offered Rate.
The ICE Benchmark Administration administers the LIBOR, which is based on five currencies: U.S. dollar, euro, pound sterling, Japanese yen and Swiss franc. Each business day, a total of 35 different LIBOR rates are given, but the three-month U.S. dollar rate is most commonly quoted. The primary function of LIBOR is to act as the benchmark or reference rate for a variety of debt instruments, including government and corporate bonds, mortgages, student loans and credit cards.