The return of swap rates : Tracking interest rate risk in FRED

First, some background on swaps: Let’s say you’re borrowing at an adjustable interest rate that fluctuates along with the LIBOR (London Inter-Bank Offered Rate). Let’s also say you’re not so comfortable with the LIBOR’s fluctuations. You can engage in a swap and get someone else to pay that fluctuating interest rate for you, while you pay them a constant interest rate. The constant rate you pay is the swap rate. Now the swap rate stays constant during the lifetime of each individual contract, but the swap rate you can expect to pay for a new contract changes all the time; in fact, many swap rate series in FRED are updated daily at various times.
So what’s interesting about all this? The graph shows the 12-month swap rate, which combines the old (red line) and new (blue line) sources of the data,* and the LIBOR. Note that the swap rate and the

Federal Reserve Source