Latest SOFR rate
SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:
5.32% on April 15, 2024
This was based on $1.9 Trillion of repo transactions where 98% of them used rates between 5.28% and 5.43%.
The resulting overnight LIBOR fallback rate for April 15, 2024 is 5.32644% using the fixed 0.00644% overnight fallback spread.
The latest published SOFR 1-month, 3-month, and 6-month averages are for April 16, 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 | 5.33035% | 0.11448% | 5.44483% |
| Last 90 days | 5.34810% | 0.26161% | 5.60971% |
| Last 180 days | 5.38993% | 0.42826% | 5.81819% |
The latest published SOFR Index is for April 16, 2024: 1.13269850
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 |
| 2024-03-18 | 5.31 | 5.31931 | 5.35300 | 5.38834 |
| 2024-03-19 | 5.31 | 5.31969 | 5.35300 | 5.38839 |
| 2024-03-20 | 5.31 | 5.32005 | 5.35300 | 5.38845 |
| 2024-03-21 | 5.31 | 5.32039 | 5.35300 | 5.38852 |
| 2024-03-22 | 5.31 | 5.32072 | 5.35291 | 5.38858 |
| 2024-03-25 | 5.31 | 5.32137 | 5.35257 | 5.38862 |
| 2024-03-26 | 5.32 | 5.32139 | 5.35212 | 5.38857 |
| 2024-03-27 | 5.33 | 5.32173 | 5.35134 | 5.38862 |
| 2024-03-28 | 5.34 | 5.32240 | 5.35055 | 5.38875 |
| 2024-04-01 | 5.35 | 5.32597 | 5.34875 | 5.38924 |
| 2024-04-02 | 5.34 | 5.32734 | 5.34818 | 5.38941 |
| 2024-04-03 | 5.32 | 5.32834 | 5.34762 | 5.38952 |
| 2024-04-04 | 5.32 | 5.32868 | 5.34762 | 5.38959 |
| 2024-04-05 | 5.32 | 5.32901 | 5.34775 | 5.38966 |
| 2024-04-08 | 5.31 | 5.32999 | 5.34807 | 5.38982 |
| 2024-04-09 | 5.31 | 5.33002 | 5.34807 | 5.38982 |
| 2024-04-10 | 5.31 | 5.33002 | 5.34807 | 5.38982 |
| 2024-04-11 | 5.31 | 5.33002 | 5.34807 | 5.38983 |
| 2024-04-12 | 5.31 | 5.33002 | 5.34810 | 5.38983 |
| 2024-04-15 | 5.32 | 5.32999 | 5.34810 | 5.38982 |
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 |
| 2024-03-18 | 5.31644 | 5.43379 | 5.61461 | 5.81660 |
| 2024-03-19 | 5.31644 | 5.43417 | 5.61461 | 5.81665 |
| 2024-03-20 | 5.31644 | 5.43453 | 5.61461 | 5.81671 |
| 2024-03-21 | 5.31644 | 5.43487 | 5.61461 | 5.81678 |
| 2024-03-22 | 5.31644 | 5.43520 | 5.61452 | 5.81684 |
| 2024-03-25 | 5.31644 | 5.43585 | 5.61418 | 5.81688 |
| 2024-03-26 | 5.32644 | 5.43587 | 5.61373 | 5.81683 |
| 2024-03-27 | 5.33644 | 5.43621 | 5.61295 | 5.81688 |
| 2024-03-28 | 5.34644 | 5.43688 | 5.61216 | 5.81701 |
| 2024-04-01 | 5.35644 | 5.44045 | 5.61036 | 5.81750 |
| 2024-04-02 | 5.34644 | 5.44182 | 5.60979 | 5.81767 |
| 2024-04-03 | 5.32644 | 5.44282 | 5.60923 | 5.81778 |
| 2024-04-04 | 5.32644 | 5.44316 | 5.60923 | 5.81785 |
| 2024-04-05 | 5.32644 | 5.44349 | 5.60936 | 5.81792 |
| 2024-04-08 | 5.31644 | 5.44447 | 5.60968 | 5.81808 |
| 2024-04-09 | 5.31644 | 5.44450 | 5.60968 | 5.81808 |
| 2024-04-10 | 5.31644 | 5.44450 | 5.60968 | 5.81808 |
| 2024-04-11 | 5.31644 | 5.44450 | 5.60968 | 5.81809 |
| 2024-04-12 | 5.31644 | 5.44450 | 5.60971 | 5.81809 |
| 2024-04-15 | 5.32644 | 5.44447 | 5.60971 | 5.81808 |
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)