Latest SOFR rate
SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:
3.95% on November 14, 2025
This was based on $3.2 Trillion of repo transactions where 98% of them used rates between 3.85% and 4.05%.
The resulting overnight LIBOR fallback rate for November 14, 2025 is 3.95644% using the fixed 0.00644% overnight fallback spread.
The latest published SOFR 1-month, 3-month, and 6-month averages are for November 17, 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 | 4.10489% | 0.11448% | 4.21937% |
| Last 90 days | 4.23746% | 0.26161% | 4.49907% |
| Last 180 days | 4.31607% | 0.42826% | 4.74433% |
The latest published SOFR Index is for November 17, 2025: 1.22069127
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 |
| 2025-10-20 | 4.16 | 4.17675 | 4.31605 | 4.35176 |
| 2025-10-21 | 4.23 | 4.17744 | 4.31471 | 4.35108 |
| 2025-10-22 | 4.21 | 4.18045 | 4.31414 | 4.35074 |
| 2025-10-23 | 4.24 | 4.18279 | 4.31313 | 4.35007 |
| 2025-10-24 | 4.24 | 4.18680 | 4.31180 | 4.34956 |
| 2025-10-27 | 4.27 | 4.19515 | 4.30774 | 4.34768 |
| 2025-10-28 | 4.31 | 4.19884 | 4.30673 | 4.34688 |
| 2025-10-29 | 4.27 | 4.20386 | 4.30662 | 4.34643 |
| 2025-10-30 | 4.04 | 4.20854 | 4.30527 | 4.34592 |
| 2025-10-31 | 4.22 | 4.20185 | 4.30192 | 4.34411 |
| 2025-11-03 | 4.13 | 4.20451 | 4.29798 | 4.34212 |
| 2025-11-04 | 4.00 | 4.20285 | 4.29562 | 4.34115 |
| 2025-11-05 | 3.91 | 4.19683 | 4.29180 | 4.33950 |
| 2025-11-06 | 3.92 | 4.18881 | 4.28686 | 4.33741 |
| 2025-11-07 | 3.93 | 4.18145 | 4.28204 | 4.33537 |
| 2025-11-10 | 3.95 | 4.16105 | 4.26800 | 4.32929 |
| 2025-11-12 | 3.98 | 4.14771 | 4.25912 | 4.32532 |
| 2025-11-13 | 4.00 | 4.14202 | 4.25508 | 4.32351 |
| 2025-11-14 | 3.95 | 4.13567 | 4.25105 | 4.32181 |
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 |
| 2025-10-20 | 4.16644 | 4.29123 | 4.57766 | 4.78002 |
| 2025-10-21 | 4.23644 | 4.29192 | 4.57632 | 4.77934 |
| 2025-10-22 | 4.21644 | 4.29493 | 4.57575 | 4.77900 |
| 2025-10-23 | 4.24644 | 4.29727 | 4.57474 | 4.77833 |
| 2025-10-24 | 4.24644 | 4.30128 | 4.57341 | 4.77782 |
| 2025-10-27 | 4.27644 | 4.30963 | 4.56935 | 4.77594 |
| 2025-10-28 | 4.31644 | 4.31332 | 4.56834 | 4.77514 |
| 2025-10-29 | 4.27644 | 4.31834 | 4.56823 | 4.77469 |
| 2025-10-30 | 4.04644 | 4.32302 | 4.56688 | 4.77418 |
| 2025-10-31 | 4.22644 | 4.31633 | 4.56353 | 4.77237 |
| 2025-11-03 | 4.13644 | 4.31899 | 4.55959 | 4.77038 |
| 2025-11-04 | 4.00644 | 4.31733 | 4.55723 | 4.76941 |
| 2025-11-05 | 3.91644 | 4.31131 | 4.55341 | 4.76776 |
| 2025-11-06 | 3.92644 | 4.30329 | 4.54847 | 4.76567 |
| 2025-11-07 | 3.93644 | 4.29593 | 4.54365 | 4.76363 |
| 2025-11-10 | 3.95644 | 4.27553 | 4.52961 | 4.75755 |
| 2025-11-12 | 3.98644 | 4.26219 | 4.52073 | 4.75358 |
| 2025-11-13 | 4.00644 | 4.25650 | 4.51669 | 4.75177 |
| 2025-11-14 | 3.95644 | 4.25015 | 4.51266 | 4.75007 |
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 measured via the Tri-Party General Collateral Rate (TGCR), 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.
Not all the components of SOFR are public. SOFR = TGCR + GCF + Bi-lateral cleared repos. The Tri-Party General Collateral Rate (TGCR) is publicly available. As is an intermediate rate called the Broad General Collateral Rate (BGCR) which is TGCR + GCF. However, GCF itself and the weighting between TGCR and GCF in BGCR is not published. Furthermore, the amount and average rate of the bi-lateral cleared repos included in SOFR are also not published.
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)