Latest SOFR rate
SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:
4.30% on December 19, 2024
This was based on $2.4 Trillion of repo transactions where 98% of them used rates between 4.25% and 4.58%.
The resulting overnight LIBOR fallback rate for December 19, 2024 is 4.30644% using the fixed 0.00644% overnight fallback spread.
The latest published SOFR 1-month, 3-month, and 6-month averages are for December 20, 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 | 4.59556% | 0.11448% | 4.71004% |
| Last 90 days | 4.75049% | 0.26161% | 5.01210% |
| Last 180 days | 5.08710% | 0.42826% | 5.51536% |
The latest published SOFR Index is for December 20, 2024: 1.17323237
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 |
| 2024-11-21 | 4.57 | 4.73403 | 4.98308 | 5.20872 |
| 2024-11-22 | 4.57 | 4.72533 | 4.97455 | 5.20445 |
| 2024-11-25 | 4.58 | 4.69922 | 4.94878 | 5.19163 |
| 2024-11-26 | 4.58 | 4.69087 | 4.94012 | 5.18735 |
| 2024-11-27 | 4.57 | 4.68251 | 4.93146 | 5.18308 |
| 2024-11-29 | 4.59 | 4.66576 | 4.91450 | 5.17431 |
| 2024-12-02 | 4.64 | 4.63898 | 4.88988 | 5.16148 |
| 2024-12-03 | 4.64 | 4.63164 | 4.88201 | 5.15755 |
| 2024-12-04 | 4.59 | 4.62428 | 4.87402 | 5.15362 |
| 2024-12-05 | 4.59 | 4.61658 | 4.86548 | 5.14941 |
| 2024-12-06 | 4.60 | 4.60889 | 4.85706 | 5.14520 |
| 2024-12-09 | 4.63 | 4.59450 | 4.83209 | 5.13282 |
| 2024-12-10 | 4.64 | 4.59555 | 4.82422 | 5.12895 |
| 2024-12-11 | 4.62 | 4.59690 | 4.81657 | 5.12513 |
| 2024-12-12 | 4.62 | 4.59757 | 4.80859 | 5.12121 |
| 2024-12-13 | 4.60 | 4.59824 | 4.80062 | 5.11728 |
| 2024-12-16 | 4.65 | 4.60023 | 4.77543 | 5.10492 |
| 2024-12-17 | 4.62 | 4.60293 | 4.76722 | 5.10104 |
| 2024-12-18 | 4.57 | 4.60460 | 4.75924 | 5.09706 |
| 2024-12-19 | 4.30 | 4.60460 | 4.75643 | 5.09285 |
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 |
| 2024-11-21 | 4.57644 | 4.84851 | 5.24469 | 5.63698 |
| 2024-11-22 | 4.57644 | 4.83981 | 5.23616 | 5.63271 |
| 2024-11-25 | 4.58644 | 4.81370 | 5.21039 | 5.61989 |
| 2024-11-26 | 4.58644 | 4.80535 | 5.20173 | 5.61561 |
| 2024-11-27 | 4.57644 | 4.79699 | 5.19307 | 5.61134 |
| 2024-11-29 | 4.59644 | 4.78024 | 5.17611 | 5.60257 |
| 2024-12-02 | 4.64644 | 4.75346 | 5.15149 | 5.58974 |
| 2024-12-03 | 4.64644 | 4.74612 | 5.14362 | 5.58581 |
| 2024-12-04 | 4.59644 | 4.73876 | 5.13563 | 5.58188 |
| 2024-12-05 | 4.59644 | 4.73106 | 5.12709 | 5.57767 |
| 2024-12-06 | 4.60644 | 4.72337 | 5.11867 | 5.57346 |
| 2024-12-09 | 4.63644 | 4.70898 | 5.09370 | 5.56108 |
| 2024-12-10 | 4.64644 | 4.71003 | 5.08583 | 5.55721 |
| 2024-12-11 | 4.62644 | 4.71138 | 5.07818 | 5.55339 |
| 2024-12-12 | 4.62644 | 4.71205 | 5.07020 | 5.54947 |
| 2024-12-13 | 4.60644 | 4.71272 | 5.06223 | 5.54554 |
| 2024-12-16 | 4.65644 | 4.71471 | 5.03704 | 5.53318 |
| 2024-12-17 | 4.62644 | 4.71741 | 5.02883 | 5.52930 |
| 2024-12-18 | 4.57644 | 4.71908 | 5.02085 | 5.52532 |
| 2024-12-19 | 4.30644 | 4.71908 | 5.01804 | 5.52111 |
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)