Secured Overnight Financing Rate (SOFR)Fed Policy RatesMortgage RatesUS LIBOR Cessation

Latest SOFR rate

SOFR is published by the New York Federal Reserve every business day for the previous business day, the latest is:

5.30% on September 22, 2023

This was based on $1.5 Trillion of repo transactions where 98% of them used rates between 5.25% and 5.39%.

The resulting overnight LIBOR fallback rate for September 22, 2023 is 5.30644% using the fixed 0.00644% overnight fallback spread.

The latest published SOFR 1-month, 3-month, and 6-month averages are for September 25, 2023. Note these term rates are calculated in arrears (they average historical SOFR rates) as opposed to being forward-looking like swap rates.

TermSOFR AverageFallback SpreadFallback Rate
Last 30 days5.31493%0.11448%5.42941%
Last 90 days5.25503%0.26161%5.51664%
Last 180 days5.15447%0.42826%5.58273%

The latest published SOFR Index is for September 25, 2023: 1.09907514

SOFR rate history

History of Secured Overnight Financing Rate (SOFR) since 2019 including 98% transaction volume bounds

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
DateSOFR30 day90 day180 day
2023-08-285.305.311665.176605.04330
2023-08-295.305.311695.179305.04757
2023-08-305.305.311695.181785.05184
2023-08-315.315.311355.184265.05612
2023-09-015.315.311355.186975.06045
2023-09-055.315.312615.198075.07774
2023-09-065.305.312955.200995.08207
2023-09-075.315.312955.203815.08635
2023-09-085.305.313285.206755.09068
2023-09-115.305.313255.215175.10348
2023-09-125.305.313285.217995.10758
2023-09-135.305.313285.220805.11174
2023-09-145.305.313285.223505.11602
2023-09-155.315.313285.226345.12030
2023-09-185.315.314265.235115.13327
2023-09-195.315.314625.238045.13760
2023-09-205.305.314955.240975.14051
2023-09-215.305.314955.243785.14337
2023-09-225.305.314955.246615.14622

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
DateOvernight30 day90 day180 day
2023-08-285.306445.426145.438215.47156
2023-08-295.306445.426175.440915.47583
2023-08-305.306445.426175.443395.48010
2023-08-315.316445.425835.445875.48438
2023-09-015.316445.425835.448585.48871
2023-09-055.316445.427095.459685.50600
2023-09-065.306445.427435.462605.51033
2023-09-075.316445.427435.465425.51461
2023-09-085.306445.427765.468365.51894
2023-09-115.306445.427735.476785.53174
2023-09-125.306445.427765.479605.53584
2023-09-135.306445.427765.482415.54000
2023-09-145.306445.427765.485115.54428
2023-09-155.316445.427765.487955.54856
2023-09-185.316445.428745.496725.56153
2023-09-195.316445.429105.499655.56586
2023-09-205.306445.429435.502585.56877
2023-09-215.306445.429435.505395.57163
2023-09-225.306445.429435.508225.57448

What is SOFR?

The Secured Overnight Financing Rate (SOFR) is intended to replace the US dollar London Interbank Rate (US LIBOR) in future financial contracts. SOFR was selected by the Alternative Reference Rates Committee (ARRC) chaired by the New York Federal Reserve in 2017.

SOFR is the average rate at which institutions can borrow US dollars overnight while posting US Treasury bonds as collateral. Similar to a mortgage rate, SOFR is a secured borrowing rate in the sense that collateral is provided in order to borrow cash. SOFR differs from US LIBOR in that the latter is a rate for unsecured borrowing (where no collateral is posted).

Major central banks globally have taken on similar reforms to replace their US LIBOR equivalents with more reliable rates.

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