Latest SOFR rate
SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:
4.41% on March 31, 2025
This was based on $2.6 Trillion of repo transactions where 98% of them used rates between 4.34% and 4.57%.
The resulting overnight LIBOR fallback rate for March 31, 2025 is 4.41644% using the fixed 0.00644% overnight fallback spread.
The latest published SOFR 1-month, 3-month, and 6-month averages are for April 1, 2025. 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 | 4.33434% | 0.11448% | 4.44882% |
| Last 90 days | 4.35356% | 0.26161% | 4.61517% |
| Last 180 days | 4.54565% | 0.42826% | 4.97391% |
The latest published SOFR Index is for April 1, 2025: 1.18774154
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 |
| 2025-03-03 | 4.33 | 4.35534 | 4.41453 | 4.67521 |
| 2025-03-04 | 4.33 | 4.35369 | 4.41104 | 4.66941 |
| 2025-03-05 | 4.34 | 4.35201 | 4.40812 | 4.66361 |
| 2025-03-06 | 4.35 | 4.35168 | 4.40531 | 4.65793 |
| 2025-03-07 | 4.34 | 4.35235 | 4.40252 | 4.65231 |
| 2025-03-10 | 4.33 | 4.35166 | 4.39341 | 4.63531 |
| 2025-03-11 | 4.32 | 4.35101 | 4.38993 | 4.62968 |
| 2025-03-12 | 4.31 | 4.35001 | 4.38656 | 4.62394 |
| 2025-03-13 | 4.30 | 4.34867 | 4.38308 | 4.61815 |
| 2025-03-14 | 4.30 | 4.34733 | 4.37972 | 4.61230 |
| 2025-03-17 | 4.32 | 4.34466 | 4.36904 | 4.59417 |
| 2025-03-18 | 4.31 | 4.34436 | 4.36567 | 4.58843 |
| 2025-03-19 | 4.29 | 4.34371 | 4.36275 | 4.58553 |
| 2025-03-20 | 4.29 | 4.34237 | 4.36264 | 4.58247 |
| 2025-03-21 | 4.30 | 4.33969 | 4.36254 | 4.57940 |
| 2025-03-24 | 4.31 | 4.33566 | 4.36242 | 4.57030 |
| 2025-03-25 | 4.33 | 4.33467 | 4.36141 | 4.56729 |
| 2025-03-26 | 4.35 | 4.33434 | 4.36062 | 4.56445 |
| 2025-03-27 | 4.36 | 4.33467 | 4.35860 | 4.56168 |
| 2025-03-28 | 4.34 | 4.33568 | 4.35749 | 4.55895 |
| 2025-03-31 | 4.41 | 4.33365 | 4.35445 | 4.54855 |
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 |
| 2025-03-03 | 4.33644 | 4.46982 | 4.67614 | 5.10347 |
| 2025-03-04 | 4.33644 | 4.46817 | 4.67265 | 5.09767 |
| 2025-03-05 | 4.34644 | 4.46649 | 4.66973 | 5.09187 |
| 2025-03-06 | 4.35644 | 4.46616 | 4.66692 | 5.08619 |
| 2025-03-07 | 4.34644 | 4.46683 | 4.66413 | 5.08057 |
| 2025-03-10 | 4.33644 | 4.46614 | 4.65502 | 5.06357 |
| 2025-03-11 | 4.32644 | 4.46549 | 4.65154 | 5.05794 |
| 2025-03-12 | 4.31644 | 4.46449 | 4.64817 | 5.05220 |
| 2025-03-13 | 4.30644 | 4.46315 | 4.64469 | 5.04641 |
| 2025-03-14 | 4.30644 | 4.46181 | 4.64133 | 5.04056 |
| 2025-03-17 | 4.32644 | 4.45914 | 4.63065 | 5.02243 |
| 2025-03-18 | 4.31644 | 4.45884 | 4.62728 | 5.01669 |
| 2025-03-19 | 4.29644 | 4.45819 | 4.62436 | 5.01379 |
| 2025-03-20 | 4.29644 | 4.45685 | 4.62425 | 5.01073 |
| 2025-03-21 | 4.30644 | 4.45417 | 4.62415 | 5.00766 |
| 2025-03-24 | 4.31644 | 4.45014 | 4.62403 | 4.99856 |
| 2025-03-25 | 4.33644 | 4.44915 | 4.62302 | 4.99555 |
| 2025-03-26 | 4.35644 | 4.44882 | 4.62223 | 4.99271 |
| 2025-03-27 | 4.36644 | 4.44915 | 4.62021 | 4.98994 |
| 2025-03-28 | 4.34644 | 4.45016 | 4.61910 | 4.98721 |
| 2025-03-31 | 4.41644 | 4.44813 | 4.61606 | 4.97681 |
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)