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Maine.gov > PFR Home > Consumer Credit Home Page >Escrow Rates

Escrow Rates

Under state law, Maine financial institutions and lenders must calculate the interest to be paid on mandatory escrow account balances based upon an index identified on the first business day of the calendar year. The rate of interest, which must be at least equal to 50% of the index, must be paid quarterly. The following identifies the index, value and minimum rate which must be paid.

 

Calendar year 1/1/08-12/31/08
Index: 1-Year Treasury Index
Value as of 1/2/08: 3.17%
Minimum Interest Rate Required by law: 1.585%

 

Calendar year 1/2/07-12/31/07
Index 1-Year Treasury Index
Value as of 1/2/07: 5.00%
Minimum Interst Rate Required by law: 2.50%