Dumb Question - Which LIBOR rate is used for floaters (on perm financing)?
There are many LIBOR rates - different currencies and terms.

For a standard 5, 7, or 10 year CRE refinance, which "LIBOR" rate is being used.

(Context: my boss is refinancing an Apartment tower, and the quote he received for a 7 year term was 2.5% + LIBOR
[{"id": "damhpm6", "text": "Typically it's referring to the US treasury spread/yield. So whatever those rates are at the time of origination. ", "replies": [{"id": "damis53", "text": "Opens more questions haha: \n\nWhich US Treasury yield, is it the 10 year bond yield (or 30 year)? \n\n\nFor Floaters that are pegged to LIBOR, which LIBOR rate is being used (there are dozens)?", "replies": [{"id": "damjq20", "text": "Sorry, I was incorrect in bringing up the US treasury, as that has nothing to do with how LIBOR is set or operates, it's just used for comparison purposes. \n\nIn terms of the dozens of different LIBORs, my guess would be that it's whichever is tied to the currency of the deal. So if you were in the US, it'd be 2.5% + .62 % (30 day LIBOR as of today). If that's the rate your boss is looking at then that's some pretty competitive financing. ", "replies": [{"id": "damjuzz", "text": "Thanks! How did you know to use the 30 day LIBOR? Why don't lenders use the 1-week, or 6 month?", "replies": [{"id": "dammdpu", "text": "I work in the financing arm of a multifamily services firm. When I spoke with one of the originators, they said they only use the 30 day LIBOR for a couple reasons. One is that it's just the most popular amongst all institutions, but a more in depth reason is because it tends to be cheaper to have that rate based on monthly figures (instead of annual/quarterly), as being locked into a certain rate during a downturn can be costly. For that reason, 30-day is what will basically always be used for a floater like the one your boss is being quoted. ", "replies": [{"id": "damnrdv", "text": "That make sense, thanks!", "replies": [{"id": "damnusa", "text": "Of course, sorry for the confusion at first but glad to help! ", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "damkcfk", "text": "The way it's described, sounds like the rate will be 2.50 + 30-120 LIBOR. But if the lender said fixed at 2.50+LIBOR it probably means 7year LIBOR Swap (which isn't published anymore-meaning its most likely not that).", "replies": [{"id": "daml2zi", "text": "&gt; But if the lender said fixed at 2.50+LIBOR it probably means 7year LIBOR Swap (which isn't published anymore-meaning its most likely not that).\n\nCan you elaborate on this? You say it is probably the 7 year swap but most likely not the 7 year swap.", "replies": [{"id": "dammn9b", "text": "Sorry I'm trying to say that if they say fixed for 7yrs at LIBOR+2.5 they probably mean the rate will be fixed at 2.50+ what used to be the 7yr LIBOR rate on a certain day. So if he is  still negotiating and has yet to get a commitment letter, the rate would have  been whatever the 7yr LIBOR Swap was on the date of the commitment letter (or another arbitrary day)+2.50. \n\nHowever, as of like 11/1/16 (??) LIBOR swaps have stopped being published.  The basis of the Rate that is chosen has to be published so the Borrower is aware of the rate.\n\n So either the info is a little outdated &amp; they will be switching LIBOR to something else (we switched to us treasury ) or your boss's rate is based off 30-120 day LIBOR.", "replies": [{"id": "damnpe8", "text": "Oh I see, I was thinking solely in terms of floating rates... so even fixed rates can be pegged to LIBOR (just to a specific day)?", "replies": [{"id": "damo3li", "text": "Exactly. my current bank doesn't term out loans using a floating rate. Typical CRE for us is fixed for 5, reset every 5yrs at5yr LIBOR swap(now us treasury) +2.5. For 15-25 years", "replies": [{"id": "damp6xy", "text": "Interesting...so why has the LIBOR swap stopped being published. Do you think fixed rates like this will switch to a different LIBOR rate, or to US Treasuries?", "replies": [{"id": "damy4f6", "text": "Idk. Being an underwriter and not in mgmt or a financial analyst for the Bank, I  just go off what we're told to use. Lol. But we use Us Treasury bc at the time it was higher than LIBOR swap &amp; easier for customers to understand. ", "replies": [], "depth": 7}, {"id": "damyhzj", "text": "The fed stopped publishing it, but you can get the rates from ICE.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "damlqyq", "text": "Floaters use 30-day libor. Fixed can vary - off the run treasury or interpolated. Doesn't really matter as long as you know which one is being used you can figure out your rate. ", "replies": [{"id": "damn4mq", "text": "Thanks! Just curious, why the 30-day?", "replies": [{"id": "damtqs1", "text": "It's just the convention - highly liquid index so it's easier to use as a benchmark. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "damtubz", "text": "Where is the property out of curiosity? I'm a lender - I cover San Francisco, Portland, Seattle and Denver. ", "replies": [], "depth": 1}, {"id": "damypcd", "text": "There are 3 answers and all are plausible. The rate depends on the exact wording. If it's basic floating monthly, then the lender will usually use 30 day LIBOR because of the matching principle from accounting. Every lender will have their own pricing philosophy depending on their sources and cost of capital though, which is why the answer isn't cut and dry.", "replies": [], "depth": 1}, {"id": "dan3sy1", "text": "Answer is 30 day.  5 years ago I was an Acq analyst for one of the largest (top 5) multifamily owners in the US.  I asked everyone in acq, everyone in finance, everyone in accounting.  Only two people knew the answer.  The CFO and a staff accountant that had been there for 6 months.  I told the CFO, and he took the accountant out for lunch then started mentoring.  Accountant was a senior VP running the finance department within a year.  One of the most satisfying things in my RE career.", "replies": [], "depth": 1}, {"id": "daq28wd", "text": "The reason 30 day libor is used is because interest is paid monthly on mortgages. So after the interest is paid for a month based on that month's libor rate (+ spread), it resets the next month on the next month's 30-day libor.\n\nMany institutional borrowers choose to purchase a libor cap or swap to fixed, all of which use 30-day libor as pricing benchmarks. It's highly liquid. ", "replies": [], "depth": 1}]