FHA issued Mortgagee Letter 2016-16 updating the source for obtaining the 10-year London Interbank Offered Rate (LIBOR) swap rate. Under the Mortgagee Letter, mortgagees must obtain the LIBOR swap rate from the Intercontinental Exchange (ICE) Benchmark Administration (rather than the Federal Reserve Board’s Selected Interest Rate (H.15) statistical release). As ICE does not publish a weekly average of the 10-Year swap rate, mortgagees must calculate the weekly average using the prior week’s daily three-digit USD 1100 10-Year swap rate rounded to the nearest two decimal places for the preceding Monday through Friday.
FHA
FHA Revises and Streamlines Policy Established in Mortgagee Letters 2024-24 and 2025-12
FHA issued Mortgagee Letter (ML) 2025-14 revising and streamlining policy established in ML 2024-24 (Modernization of Engagement with Borrowers in Default) and providing clarifications to
June 4, 2025
