It depends on if you have a rate lock in place. You can use any rate within the look back period as specified in your note for the final CD. For example: If you have a 45 day look back period in your note, you can disclose your final CD based on any rate within 45 days of closing, You do not have to use the current index. If there is no rate lock, then you would have to base it on the current rate in effect at closing.
i. When creditors use an initial interest rate that is not calculated using the index or formula for later rate adjustments, the disclosures should reflect a composite annual percentage rate based on the initial rate for as long as it is charged and, for the remainder of the term, the rate that would have been applied using the index or formula at the time of consummation. The rate at consummation need not be used if a contract provides for a delay in the implementation of changes in an index value. For example, if the contract specifies that rate changes are based on the index value in effect 45 days before the change date, creditors may use any index value in effect during the 45 day period before consummation in calculating a composite annual percentage rate.
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