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In the Wall Street Journal there is a list of Money Rate Benchmarks. Of them I noticed a benchmark lists as Libor Swaps (USD).

The description is "Libor Swaps quoted are mid-market, semi-anual swap rates and pay the floating 3-month Libor rate".

So we have a variable rate which is LIBOR + X% and a fixed rate/swap rate which is Y% - what is the "libor swap rate"?

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I don't understand the swap rate enough to comment, but there was a recent Planet Money podcast libor itself. npr.org/blogs/money/2012/07/03/156222428/… –  MrChrister Jul 13 '12 at 16:57
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up vote 5 down vote accepted

The libor swap rates show the fixed rate you would have to pay if you entered into a swap agreement where you received the floating 3-month libor rate.

From the link in your question:
Two Year: 0.478
Three Year: 0.549
Five Year: 0.842

For example, if I wanted to enter into a two year interest rate swap I would have to pay a fixed rate of 0.478 % for two years and in return I would receive interest payments based on the 3-month LIBOR rate (currently 0.4551 %). My interest payments would be fixed while the money I received from the swap would be variable based on the 3-month libor rate.

Mid-market means the rates were reported at the middle of the trading day.

Semi-annual means the swap settles interest payments every 6 months.

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Ah thanks - I assumed the fixed rate you swapped was determined between the two parties and not something the market would be involved in. –  John D Jul 13 '12 at 17:40
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The fixed rate (swap rate) WAS determined between the two parties and is NOT something the market is directly involved in. The market is where you go to look and see what kind of fixed rates are being agreed upon by everybody.

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