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 April 22, 2025
This was based on $2.5 Trillion of repo transactions where 98% of them used rates between 4.27% and 4.40%.
The resulting overnight LIBOR fallback rate for April 22, 2025 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 April 23, 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 | 4.35369% | 0.11448% | 4.46817% |
| Last 90 days | 4.36333% | 0.26161% | 4.62494% |
| Last 180 days | 4.48494% | 0.42826% | 4.91320% |
The latest published SOFR Index is for April 23, 2025: 1.19089978
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 |
| 2025-03-26 | 4.35 | 4.33434 | 4.36062 | 4.56445 |
| 2025-03-27 | 4.36 | 4.33467 | 4.35860 | 4.56168 |
| 2025-03-28 | 4.34 | 4.33568 | 4.35749 | 4.55895 |
| 2025-03-31 | 4.41 | 4.33365 | 4.35445 | 4.54855 |
| 2025-04-01 | 4.39 | 4.33434 | 4.35356 | 4.54565 |
| 2025-04-02 | 4.37 | 4.33434 | 4.35243 | 4.54304 |
| 2025-04-03 | 4.39 | 4.33568 | 4.35210 | 4.54043 |
| 2025-04-04 | 4.35 | 4.33769 | 4.35301 | 4.53793 |
| 2025-04-07 | 4.33 | 4.33834 | 4.35479 | 4.52969 |
| 2025-04-08 | 4.40 | 4.33802 | 4.35547 | 4.52685 |
| 2025-04-09 | 4.42 | 4.34003 | 4.35670 | 4.52446 |
| 2025-04-10 | 4.37 | 4.34304 | 4.35805 | 4.52226 |
| 2025-04-11 | 4.33 | 4.34471 | 4.35885 | 4.51977 |
| 2025-04-14 | 4.33 | 4.34737 | 4.35996 | 4.51130 |
| 2025-04-15 | 4.36 | 4.34839 | 4.36052 | 4.50829 |
| 2025-04-16 | 4.31 | 4.35040 | 4.36142 | 4.50550 |
| 2025-04-17 | 4.32 | 4.35006 | 4.36164 | 4.50250 |
| 2025-04-21 | 4.32 | 4.35300 | 4.36299 | 4.49084 |
| 2025-04-22 | 4.30 | 4.35369 | 4.36333 | 4.48795 |
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 |
| 2025-03-26 | 4.35644 | 4.44882 | 4.62223 | 4.99271 |
| 2025-03-27 | 4.36644 | 4.44915 | 4.62021 | 4.98994 |
| 2025-03-28 | 4.34644 | 4.45016 | 4.61910 | 4.98721 |
| 2025-03-31 | 4.41644 | 4.44813 | 4.61606 | 4.97681 |
| 2025-04-01 | 4.39644 | 4.44882 | 4.61517 | 4.97391 |
| 2025-04-02 | 4.37644 | 4.44882 | 4.61404 | 4.97130 |
| 2025-04-03 | 4.39644 | 4.45016 | 4.61371 | 4.96869 |
| 2025-04-04 | 4.35644 | 4.45217 | 4.61462 | 4.96619 |
| 2025-04-07 | 4.33644 | 4.45282 | 4.61640 | 4.95795 |
| 2025-04-08 | 4.40644 | 4.45250 | 4.61708 | 4.95511 |
| 2025-04-09 | 4.42644 | 4.45451 | 4.61831 | 4.95272 |
| 2025-04-10 | 4.37644 | 4.45752 | 4.61966 | 4.95052 |
| 2025-04-11 | 4.33644 | 4.45919 | 4.62046 | 4.94803 |
| 2025-04-14 | 4.33644 | 4.46185 | 4.62157 | 4.93956 |
| 2025-04-15 | 4.36644 | 4.46287 | 4.62213 | 4.93655 |
| 2025-04-16 | 4.31644 | 4.46488 | 4.62303 | 4.93376 |
| 2025-04-17 | 4.32644 | 4.46454 | 4.62325 | 4.93076 |
| 2025-04-21 | 4.32644 | 4.46748 | 4.62460 | 4.91910 |
| 2025-04-22 | 4.30644 | 4.46817 | 4.62494 | 4.91621 |
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)