Latest SOFR rate
SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:
4.81% on October 11, 2024
This was based on $2.1 Trillion of repo transactions where 98% of them used rates between 4.79% and 4.89%.
The resulting overnight LIBOR fallback rate for October 11, 2024 is 4.81644% using the fixed 0.00644% overnight fallback spread.
The latest published SOFR 1-month, 3-month, and 6-month averages are for October 15, 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 | 4.92341% | 0.11448% | 5.03789% |
| Last 90 days | 5.22846% | 0.26161% | 5.49007% |
| Last 180 days | 5.32774% | 0.42826% | 5.75600% |
The latest published SOFR Index is for October 15, 2024: 1.16321520
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 |
| 2024-09-16 | 5.38 | 5.34137 | 5.36972 | 5.39720 |
| 2024-09-17 | 5.38 | 5.34341 | 5.37029 | 5.39760 |
| 2024-09-18 | 5.33 | 5.34541 | 5.37085 | 5.39800 |
| 2024-09-19 | 4.82 | 5.34575 | 5.37097 | 5.39812 |
| 2024-09-20 | 4.83 | 5.32901 | 5.36547 | 5.39533 |
| 2024-09-23 | 4.83 | 5.28012 | 5.34924 | 5.38705 |
| 2024-09-24 | 4.84 | 5.26341 | 5.34361 | 5.38420 |
| 2024-09-25 | 4.84 | 5.24701 | 5.33798 | 5.38136 |
| 2024-09-26 | 4.83 | 5.23027 | 5.33236 | 5.37852 |
| 2024-09-27 | 4.84 | 5.21287 | 5.32675 | 5.37561 |
| 2024-09-30 | 4.96 | 5.16334 | 5.30940 | 5.36699 |
| 2024-10-01 | 5.05 | 5.15134 | 5.30501 | 5.36493 |
| 2024-10-02 | 4.92 | 5.14233 | 5.30186 | 5.36339 |
| 2024-10-03 | 4.85 | 5.12894 | 5.29725 | 5.36112 |
| 2024-10-04 | 4.83 | 5.11254 | 5.29197 | 5.35844 |
| 2024-10-07 | 4.83 | 5.06065 | 5.27541 | 5.35016 |
| 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 |
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 |
| 2024-09-16 | 5.38644 | 5.45585 | 5.63133 | 5.82546 |
| 2024-09-17 | 5.38644 | 5.45789 | 5.63190 | 5.82586 |
| 2024-09-18 | 5.33644 | 5.45989 | 5.63246 | 5.82626 |
| 2024-09-19 | 4.82644 | 5.46023 | 5.63258 | 5.82638 |
| 2024-09-20 | 4.83644 | 5.44349 | 5.62708 | 5.82359 |
| 2024-09-23 | 4.83644 | 5.39460 | 5.61085 | 5.81531 |
| 2024-09-24 | 4.84644 | 5.37789 | 5.60522 | 5.81246 |
| 2024-09-25 | 4.84644 | 5.36149 | 5.59959 | 5.80962 |
| 2024-09-26 | 4.83644 | 5.34475 | 5.59397 | 5.80678 |
| 2024-09-27 | 4.84644 | 5.32735 | 5.58836 | 5.80387 |
| 2024-09-30 | 4.96644 | 5.27782 | 5.57101 | 5.79525 |
| 2024-10-01 | 5.05644 | 5.26582 | 5.56662 | 5.79319 |
| 2024-10-02 | 4.92644 | 5.25681 | 5.56347 | 5.79165 |
| 2024-10-03 | 4.85644 | 5.24342 | 5.55886 | 5.78938 |
| 2024-10-04 | 4.83644 | 5.22702 | 5.55358 | 5.78670 |
| 2024-10-07 | 4.83644 | 5.17513 | 5.53702 | 5.77842 |
| 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 |
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)