Latest SOFR rate
SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:
4.40% on June 26, 2025
This was based on $2.8 Trillion of repo transactions where 98% of them used rates between 4.30% and 4.52%.
The resulting overnight LIBOR fallback rate for June 26, 2025 is 4.40644% using the fixed 0.00644% overnight fallback spread.
The latest published SOFR 1-month, 3-month, and 6-month averages are for June 27, 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 | 4.31392% | 0.11448% | 4.42840% |
| Last 90 days | 4.34121% | 0.26161% | 4.60282% |
| Last 180 days | 4.37231% | 0.42826% | 4.80057% |
The latest published SOFR Index is for June 27, 2025: 1.20019569
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 |
| 2025-05-30 | 4.35 | 4.31155 | 4.34762 | 4.40762 |
| 2025-06-02 | 4.35 | 4.30785 | 4.34693 | 4.40296 |
| 2025-06-03 | 4.32 | 4.30753 | 4.34716 | 4.40159 |
| 2025-06-04 | 4.28 | 4.30620 | 4.34693 | 4.40006 |
| 2025-06-05 | 4.29 | 4.30452 | 4.34615 | 4.39825 |
| 2025-06-06 | 4.29 | 4.30352 | 4.34560 | 4.39649 |
| 2025-06-09 | 4.29 | 4.30350 | 4.34401 | 4.39081 |
| 2025-06-10 | 4.28 | 4.30385 | 4.34368 | 4.38893 |
| 2025-06-11 | 4.28 | 4.30385 | 4.34334 | 4.38700 |
| 2025-06-12 | 4.28 | 4.30385 | 4.34311 | 4.38519 |
| 2025-06-13 | 4.28 | 4.30319 | 4.34290 | 4.38338 |
| 2025-06-16 | 4.32 | 4.30116 | 4.34199 | 4.37753 |
| 2025-06-17 | 4.31 | 4.30185 | 4.34210 | 4.37611 |
| 2025-06-18 | 4.28 | 4.30218 | 4.34233 | 4.37616 |
| 2025-06-20 | 4.29 | 4.30217 | 4.34200 | 4.37594 |
| 2025-06-23 | 4.29 | 4.30517 | 4.34154 | 4.37514 |
| 2025-06-24 | 4.30 | 4.30621 | 4.34109 | 4.37452 |
| 2025-06-25 | 4.36 | 4.30757 | 4.34053 | 4.37321 |
| 2025-06-26 | 4.40 | 4.31091 | 4.34053 | 4.37265 |
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 |
| 2025-05-30 | 4.35644 | 4.42603 | 4.60923 | 4.83588 |
| 2025-06-02 | 4.35644 | 4.42233 | 4.60854 | 4.83122 |
| 2025-06-03 | 4.32644 | 4.42201 | 4.60877 | 4.82985 |
| 2025-06-04 | 4.28644 | 4.42068 | 4.60854 | 4.82832 |
| 2025-06-05 | 4.29644 | 4.41900 | 4.60776 | 4.82651 |
| 2025-06-06 | 4.29644 | 4.41800 | 4.60721 | 4.82475 |
| 2025-06-09 | 4.29644 | 4.41798 | 4.60562 | 4.81907 |
| 2025-06-10 | 4.28644 | 4.41833 | 4.60529 | 4.81719 |
| 2025-06-11 | 4.28644 | 4.41833 | 4.60495 | 4.81526 |
| 2025-06-12 | 4.28644 | 4.41833 | 4.60472 | 4.81345 |
| 2025-06-13 | 4.28644 | 4.41767 | 4.60451 | 4.81164 |
| 2025-06-16 | 4.32644 | 4.41564 | 4.60360 | 4.80579 |
| 2025-06-17 | 4.31644 | 4.41633 | 4.60371 | 4.80437 |
| 2025-06-18 | 4.28644 | 4.41666 | 4.60394 | 4.80442 |
| 2025-06-20 | 4.29644 | 4.41665 | 4.60361 | 4.80420 |
| 2025-06-23 | 4.29644 | 4.41965 | 4.60315 | 4.80340 |
| 2025-06-24 | 4.30644 | 4.42069 | 4.60270 | 4.80278 |
| 2025-06-25 | 4.36644 | 4.42205 | 4.60214 | 4.80147 |
| 2025-06-26 | 4.40644 | 4.42539 | 4.60214 | 4.80091 |
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)