Latest SOFR rate
SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:
4.29% on January 16, 2025
This was based on $2.3 Trillion of repo transactions where 98% of them used rates between 4.25% and 4.38%.
The resulting overnight LIBOR fallback rate for January 16, 2025 is 4.29644% using the fixed 0.00644% overnight fallback spread.
The latest published SOFR 1-month, 3-month, and 6-month averages are for January 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 | 4.36207% | 0.11448% | 4.47655% |
| Last 90 days | 4.59327% | 0.26161% | 4.85488% |
| Last 180 days | 4.92974% | 0.42826% | 5.35800% |
The latest published SOFR Index is for January 17, 2025: 1.17720707
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 |
| 2024-12-23 | 4.31 | 4.56879 | 4.73260 | 5.06972 |
| 2024-12-24 | 4.40 | 4.56011 | 4.72665 | 5.06385 |
| 2024-12-26 | 4.53 | 4.54838 | 4.71686 | 5.05321 |
| 2024-12-27 | 4.46 | 4.54671 | 4.71339 | 5.04866 |
| 2024-12-30 | 4.37 | 4.53500 | 4.69922 | 5.03327 |
| 2024-12-31 | 4.49 | 4.52766 | 4.69157 | 5.02781 |
| 2025-01-02 | 4.40 | 4.51928 | 4.68269 | 5.01831 |
| 2025-01-03 | 4.31 | 4.51125 | 4.67787 | 5.01307 |
| 2025-01-06 | 4.27 | 4.48280 | 4.66032 | 4.99570 |
| 2025-01-07 | 4.27 | 4.47178 | 4.65392 | 4.98961 |
| 2025-01-08 | 4.29 | 4.46074 | 4.64762 | 4.98351 |
| 2025-01-09 | 4.30 | 4.44937 | 4.64167 | 4.97754 |
| 2025-01-10 | 4.30 | 4.43799 | 4.63596 | 4.97163 |
| 2025-01-13 | 4.29 | 4.40654 | 4.61877 | 4.95380 |
| 2025-01-14 | 4.28 | 4.39619 | 4.61236 | 4.94777 |
| 2025-01-15 | 4.28 | 4.38548 | 4.60584 | 4.94173 |
| 2025-01-16 | 4.29 | 4.37310 | 4.59944 | 4.93571 |
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 |
| 2024-12-23 | 4.31644 | 4.68327 | 4.99421 | 5.49798 |
| 2024-12-24 | 4.40644 | 4.67459 | 4.98826 | 5.49211 |
| 2024-12-26 | 4.53644 | 4.66286 | 4.97847 | 5.48147 |
| 2024-12-27 | 4.46644 | 4.66119 | 4.97500 | 5.47692 |
| 2024-12-30 | 4.37644 | 4.64948 | 4.96083 | 5.46153 |
| 2024-12-31 | 4.49644 | 4.64214 | 4.95318 | 5.45607 |
| 2025-01-02 | 4.40644 | 4.63376 | 4.94430 | 5.44657 |
| 2025-01-03 | 4.31644 | 4.62573 | 4.93948 | 5.44133 |
| 2025-01-06 | 4.27644 | 4.59728 | 4.92193 | 5.42396 |
| 2025-01-07 | 4.27644 | 4.58626 | 4.91553 | 5.41787 |
| 2025-01-08 | 4.29644 | 4.57522 | 4.90923 | 5.41177 |
| 2025-01-09 | 4.30644 | 4.56385 | 4.90328 | 5.40580 |
| 2025-01-10 | 4.30644 | 4.55247 | 4.89757 | 5.39989 |
| 2025-01-13 | 4.29644 | 4.52102 | 4.88038 | 5.38206 |
| 2025-01-14 | 4.28644 | 4.51067 | 4.87397 | 5.37603 |
| 2025-01-15 | 4.28644 | 4.49996 | 4.86745 | 5.36999 |
| 2025-01-16 | 4.29644 | 4.48758 | 4.86105 | 5.36397 |
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)