Latest SOFR rate
SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:
4.34% on March 5, 2025
This was based on $2.5 Trillion of repo transactions where 98% of them used rates between 4.30% and 4.43%.
The resulting overnight LIBOR fallback rate for March 5, 2025 is 4.34644% using the fixed 0.00644% overnight fallback spread.
The latest published SOFR 1-month, 3-month, and 6-month averages are for March 6, 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 | 4.35168% | 0.11448% | 4.46616% |
| Last 90 days | 4.40531% | 0.26161% | 4.66692% |
| Last 180 days | 4.65793% | 0.42826% | 5.08619% |
The latest published SOFR Index is for March 6, 2025: 1.18403870
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 |
| 2025-02-05 | 4.33 | 4.32425 | 4.48629 | 4.82065 |
| 2025-02-06 | 4.36 | 4.32626 | 4.48079 | 4.81491 |
| 2025-02-07 | 4.35 | 4.32927 | 4.47811 | 4.80934 |
| 2025-02-10 | 4.35 | 4.33461 | 4.46969 | 4.79244 |
| 2025-02-11 | 4.34 | 4.33630 | 4.46688 | 4.78686 |
| 2025-02-12 | 4.32 | 4.33763 | 4.46407 | 4.78112 |
| 2025-02-13 | 4.33 | 4.33864 | 4.46115 | 4.77544 |
| 2025-02-14 | 4.33 | 4.34031 | 4.45846 | 4.76982 |
| 2025-02-18 | 4.37 | 4.34598 | 4.44765 | 4.74733 |
| 2025-02-19 | 4.35 | 4.34867 | 4.44552 | 4.74199 |
| 2025-02-20 | 4.33 | 4.35068 | 4.44305 | 4.73643 |
| 2025-02-21 | 4.34 | 4.35201 | 4.44036 | 4.73074 |
| 2025-02-24 | 4.34 | 4.35300 | 4.43249 | 4.71368 |
| 2025-02-25 | 4.33 | 4.35302 | 4.42979 | 4.70793 |
| 2025-02-26 | 4.33 | 4.35268 | 4.42710 | 4.70225 |
| 2025-02-27 | 4.36 | 4.35235 | 4.42441 | 4.69663 |
| 2025-02-28 | 4.39 | 4.35268 | 4.42184 | 4.69118 |
| 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 |
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 |
| 2025-02-05 | 4.33644 | 4.43873 | 4.74790 | 5.24891 |
| 2025-02-06 | 4.36644 | 4.44074 | 4.74240 | 5.24317 |
| 2025-02-07 | 4.35644 | 4.44375 | 4.73972 | 5.23760 |
| 2025-02-10 | 4.35644 | 4.44909 | 4.73130 | 5.22070 |
| 2025-02-11 | 4.34644 | 4.45078 | 4.72849 | 5.21512 |
| 2025-02-12 | 4.32644 | 4.45211 | 4.72568 | 5.20938 |
| 2025-02-13 | 4.33644 | 4.45312 | 4.72276 | 5.20370 |
| 2025-02-14 | 4.33644 | 4.45479 | 4.72007 | 5.19808 |
| 2025-02-18 | 4.37644 | 4.46046 | 4.70926 | 5.17559 |
| 2025-02-19 | 4.35644 | 4.46315 | 4.70713 | 5.17025 |
| 2025-02-20 | 4.33644 | 4.46516 | 4.70466 | 5.16469 |
| 2025-02-21 | 4.34644 | 4.46649 | 4.70197 | 5.15900 |
| 2025-02-24 | 4.34644 | 4.46748 | 4.69410 | 5.14194 |
| 2025-02-25 | 4.33644 | 4.46750 | 4.69140 | 5.13619 |
| 2025-02-26 | 4.33644 | 4.46716 | 4.68871 | 5.13051 |
| 2025-02-27 | 4.36644 | 4.46683 | 4.68602 | 5.12489 |
| 2025-02-28 | 4.39644 | 4.46716 | 4.68345 | 5.11944 |
| 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 |
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)