Latest SOFR rate
SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:
4.82% on November 5, 2024
This was based on $2.2 Trillion of repo transactions where 98% of them used rates between 4.79% and 4.89%.
The resulting overnight LIBOR fallback rate for November 5, 2024 is 4.82644% using the fixed 0.00644% overnight fallback spread.
The latest published SOFR 1-month, 3-month, and 6-month averages are for November 6, 2024. Note these term rates are calculated in arrears (they average historical SOFR rates) as opposed to being forward-looking like swap rates.
| Term | SOFR Average | Fallback Spread | LIBOR Rate |
| Last 30 days | 4.84310% | 0.11448% | 4.95758% |
| Last 90 days | 5.10379% | 0.26161% | 5.36540% |
| Last 180 days | 5.26828% | 0.42826% | 5.69654% |
The latest published SOFR Index is for November 6, 2024: 1.16665975
SOFR rate history
SOFR values over last 30 calendar days
Note that the historical averages are calculated in arrears. For example the 30-day average averages overnight SOFR rates over the last 30 days and is not a forward-looking term rate for the next 30 days.
| Historical averages | ||||
| Date | SOFR | 30 day | 90 day | 180 day |
| 2024-10-08 | 4.84 | 5.04361 | 5.26967 | 5.34743 |
| 2024-10-09 | 4.83 | 5.02688 | 5.26405 | 5.34475 |
| 2024-10-10 | 4.82 | 5.00981 | 5.25831 | 5.34202 |
| 2024-10-11 | 4.81 | 4.99274 | 5.25247 | 5.33923 |
| 2024-10-15 | 4.86 | 4.92341 | 5.22846 | 5.32774 |
| 2024-10-16 | 4.86 | 4.90768 | 5.22295 | 5.32523 |
| 2024-10-17 | 4.85 | 4.89028 | 5.21755 | 5.32268 |
| 2024-10-18 | 4.84 | 4.87255 | 5.21205 | 5.32006 |
| 2024-10-21 | 4.82 | 4.85713 | 5.19527 | 5.31201 |
| 2024-10-22 | 4.83 | 4.85682 | 5.18942 | 5.30921 |
| 2024-10-23 | 4.83 | 4.85682 | 5.18368 | 5.30647 |
| 2024-10-24 | 4.83 | 4.85682 | 5.17782 | 5.30369 |
| 2024-10-25 | 4.83 | 4.85648 | 5.17199 | 5.30090 |
| 2024-10-28 | 4.82 | 4.85579 | 5.15465 | 5.29239 |
| 2024-10-29 | 4.82 | 4.85515 | 5.14891 | 5.28954 |
| 2024-10-30 | 4.81 | 4.85448 | 5.14261 | 5.28675 |
| 2024-10-31 | 4.90 | 4.84946 | 5.13653 | 5.28391 |
| 2024-11-01 | 4.86 | 4.84444 | 5.13149 | 5.28157 |
| 2024-11-04 | 4.82 | 4.84375 | 5.11527 | 5.27387 |
| 2024-11-05 | 4.82 | 4.84343 | 5.10953 | 5.27107 |
LIBOR fallback values over last 30 calendar days
Note that the historical averages are calculated in arrears. For example the 30-day average averages overnight SOFR rates over the last 30 days and is not a forward-looking term rate for the next 30 days. The LIBOR fallback rates are calculated by adding the SOFR rates for each term to the appropriate fallback spreads.
| Historical averages | ||||
| Date | Overnight | 30 day | 90 day | 180 day |
| 2024-10-08 | 4.84644 | 5.15809 | 5.53128 | 5.77569 |
| 2024-10-09 | 4.83644 | 5.14136 | 5.52566 | 5.77301 |
| 2024-10-10 | 4.82644 | 5.12429 | 5.51992 | 5.77028 |
| 2024-10-11 | 4.81644 | 5.10722 | 5.51408 | 5.76749 |
| 2024-10-15 | 4.86644 | 5.03789 | 5.49007 | 5.75600 |
| 2024-10-16 | 4.86644 | 5.02216 | 5.48456 | 5.75349 |
| 2024-10-17 | 4.85644 | 5.00476 | 5.47916 | 5.75094 |
| 2024-10-18 | 4.84644 | 4.98703 | 5.47366 | 5.74832 |
| 2024-10-21 | 4.82644 | 4.97161 | 5.45688 | 5.74027 |
| 2024-10-22 | 4.83644 | 4.97130 | 5.45103 | 5.73747 |
| 2024-10-23 | 4.83644 | 4.97130 | 5.44529 | 5.73473 |
| 2024-10-24 | 4.83644 | 4.97130 | 5.43943 | 5.73195 |
| 2024-10-25 | 4.83644 | 4.97096 | 5.43360 | 5.72916 |
| 2024-10-28 | 4.82644 | 4.97027 | 5.41626 | 5.72065 |
| 2024-10-29 | 4.82644 | 4.96963 | 5.41052 | 5.71780 |
| 2024-10-30 | 4.81644 | 4.96896 | 5.40422 | 5.71501 |
| 2024-10-31 | 4.90644 | 4.96394 | 5.39814 | 5.71217 |
| 2024-11-01 | 4.86644 | 4.95892 | 5.39310 | 5.70983 |
| 2024-11-04 | 4.82644 | 4.95823 | 5.37688 | 5.70213 |
| 2024-11-05 | 4.82644 | 4.95791 | 5.37114 | 5.69933 |
What is SOFR and why was it created?
The 2008 financial crisis underscored the need for a more reliable benchmark than LIBOR, which was vulnerable to manipulation. SOFR, based on the U.S. Treasury repo market, emerged as a sturdy alternative, signifying a move towards more transparent, market-based benchmarks. The Secured Overnight Financing Rate (SOFR) stands as a crucial benchmark in financial markets, representing the cost of borrowing cash overnight, collateralized by Treasury securities. Its advent marks a shift from legacy benchmarks like LIBOR to a more transparent, transaction-based model, enhancing its reliability in financial operations. Overnight financing rates, such as SOFR, are key indicators of short-term borrowing costs. Derived from real transactions, SOFR offers insights into market liquidity and financial stability, reflecting the current state of the lending and borrowing environment.
SOFR is a volume-weighted median rate, calculated from a variety of repo transactions. Repos, or repurchase agreements, involve the sale and later repurchase of securities. SOFR includes General Collateral Finance (GCF) repos, which are standardized repo contracts traded in a specific market segment, tri-party repos, managed by a third party that handles the collateral, and cleared bilateral repos, involving two parties with a central clearinghouse mitigating risk. This diverse mix, secured against U.S. Treasury securities, minimizes risk and differentiates SOFR from unsecured rates like LIBOR. SOFR's calculation uses data from a broad spectrum of repo transactions, ensuring a comprehensive market representation. This variety in data sources contributes to SOFR's stability and reliability, making it a crucial tool for financial decision-making and policy development.
SOFR's establishment, grounded in actual market transactions, marks a significant evolution in financial benchmarks. Its role in providing stability and transparency is growing, poised to become a foundational element in financial markets and shaping a more resilient and transparent financial future.
Major central banks globally have taken on similar reforms to replace their US LIBOR equivalents with more reliable rates.
Press releases
- First ever SOFR security issued by Fannie Mae (July 26, 2018)
- First ever Supra Sovereign Agency SOFR security issued by the World Bank (August 14, 2018)
- London Clearing House (LCH) completes transition from Fed Funds to SOFR discounting (October 20, 2020)
- Guide on the Endgame for USD LIBOR from the Alternative Reference Rates Committee (ARRC) (December 4, 2020)
- UK FCA announcement on future cessation and loss of respresentativeness of the LIBOR benchmarks (March 5, 2021)
- IBOR Fallback Spread Fixings (March 5, 2021)