Benchmark Rates

Also known as Reference Rate

When you get a mortgage, the interest rate you pay is a benchmark rate, plus a certain percentage.
Now there are lots of different benchmark interest rates that are used.

LIBOR

indicates borrowing costs between banks.
The rate is calculated and will continue to be published each day by the Intercontinental Exchange (ICE),
Due to recent scandals and questions around its validity as a benchmark rate, it is being phased out.

EONIA

The Euro Overnight Index Average (EONIA) is a benchmark reference rate for the euro.
The EONIA is a daily index of overnight interbank lending, while the EURIBOR index covers a much broader period of time.