SOFR history, 2018 to today
Every daily SOFR observation, from the first value date on April 2, 2018 through October 8, 2026, summarized by year and linked to full daily tables.
SOFR has a short official history. The Federal Reserve Bank of New York published the first rate on April 3, 2018, for the value date of April 2, 2018, and has published one print per U.S. government securities business day since. This page summarizes that record through October 8, 2026 by calendar year, and marks the dates where the rate changed character. The latest print is 3.87%; 65% of all SOFR values since launch are at or below that level.
SOFR, every published value since April 2, 2018
The chart shows the effective date on the horizontal axis, meaning the day the overnight repo trades were struck, not the morning the rate was published. Each value is a volume-weighted median rounded to the nearest basis point, so steps of 1 bp are the smallest move the series can show.
SOFR by year
Each row covers the business days in one calendar year. "First" and "Last" are the first and last prints of the year; the mean is a plain average of daily prints, not a compounded rate. For the compounded return on cash over each year, use the Index-based figures on the SOFR Averages and Index page.
| Year | Obs. | First | Last | Mean | High | Low | Avg volume ($bn) |
|---|---|---|---|---|---|---|---|
| 2018 | 188 | 1.80% | 3.00% | 1.979% | 3.00% Dec 31, 2018 | 1.65% May 22, 2018 | 805.6 |
| 2019 | 250 | 3.15% | 1.55% | 2.204% | 5.25% Sep 17, 2019 | 1.52% Dec 23, 2019 | 1,056.2 |
| 2020 | 251 | 1.54% | 0.07% | 0.360% | 1.64% Mar 3, 2020 | 0.01% Mar 24, 2020 | 1,033.3 |
| 2021 | 250 | 0.10% | 0.05% | 0.039% | 0.11% Jan 5, 2021 | 0.01% Feb 23, 2021 | 906.0 |
| 2022 | 249 | 0.05% | 4.30% | 1.636% | 4.32% Dec 15, 2022 | 0.04% Jan 20, 2022 | 967.9 |
| 2023 | 249 | 4.31% | 5.38% | 5.007% | 5.40% Dec 28, 2023 | 4.30% Jan 4, 2023 | 1,409.9 |
| 2024 | 250 | 5.40% | 4.49% | 5.148% | 5.40% Jan 2, 2024 | 4.30% Dec 19, 2024 | 2,006.9 |
| 2025 | 249 | 4.40% | 3.87% | 4.243% | 4.51% Sep 15, 2025 | 3.66% Dec 11, 2025 | 2,756.8 |
| 2026 | 193 | 3.75% | 3.87% | 3.656% | 3.90% Sep 25, 2026 | 3.50% May 20, 2026 | 3,099.6 |
Two patterns stand out. First, the range within a year mostly reflects Federal Reserve policy: in 2022 SOFR started at 0.05% and ended at 4.30%, while in 2021 the high and low were 10 bp apart. Second, the market behind the rate has grown. Average daily volume was $805.6 billion in 2018, first exceeded $2 trillion in 2024 ($2,006.9 billion) and averaged $3,099.6 billion over the 193 prints of 2026 through October 8. The largest single day on record was $3,508 billion on January 2, 2026.
Daily data by year
Each year page has the complete daily table with percentiles and volume, a monthly summary, and a chart of SOFR against the federal funds target range for that year.
- 188 printsSOFR in 2018Rose from 1.80% to 3.00%, finishing with a 54 bp jump on December 31.
- 250 printsSOFR in 2019Three cuts and a one-day spike to 5.25% on September 17; ended the year at 1.55%.
- 251 printsSOFR in 2020Two March cuts; reached its all-time low of 0.01% on March 24 and averaged 0.36%.
- 250 printsSOFR in 2021The flattest year on record: mean 0.039%, never above 0.11%.
- 249 printsSOFR in 2022Seven target-range increases lifted SOFR from 0.05% to 4.30%.
- 249 printsSOFR in 2023Four more 25 bp increases and the all-time high, 5.40% on December 28.
- 250 printsSOFR in 2024Held between 5.30% and 5.40% until a 51 bp drop on September 19; closed at 4.49%.
- 249 printsSOFR in 2025Three 25 bp cuts from September; low of 3.66% on December 11.
- Year to dateSOFR in 2026Through October 8: low of 3.50% on May 20, then up 23 bp on September 17 with the target range.
The regimes in SOFR's history
The dates below come from the New York Fed's daily SOFR and EFFR files; target ranges are those reported alongside EFFR. The target range history lists every change.
April 2018 – July 2019: tightening, often above the range
SOFR launched at 1.80% with the target range at 1.50%–1.75%, already above the top of the range. Three increases followed in 2018 (effective June 14, September 27 and December 20). The year-end print, 3.00% on December 31, 2018, was 54 bp above the previous business day, and the first print of 2019 was higher still at 3.15%. Over 2018 SOFR settled above the top of the target range on 23 of 188 days; in 2019 it did so on 18 days.
September 2019: the repo spike
SOFR went from 2.43% on September 16, 2019 to 5.25% on September 17, a 282 bp rise and still the largest one-day move in the series. That day's 99th-percentile rate was 9.00%. The next day SOFR fell back 270 bp to 2.55%, and a cut effective September 19 brought it to 1.95%. A third cut of the year, effective October 31, left it at 1.55% on December 31, 2019. The spikes and month-end guide covers how quarter-ends and settlement dates show up in the series.
March 2020 – March 2022: the zero bound
The target range was cut to 1.00%–1.25% from March 4, 2020 and to 0%–0.25% from March 16. SOFR fell 84 bp that day, to 0.26%, and reached 0.01% on March 24, 2020. It printed 0.01% on 89 days in all, the last on June 16, 2021. Across the 502 business days from March 16, 2020 to March 16, 2022, SOFR averaged 0.055% and was at or below 0.05% on 323 of them.
March 2022 – July 2023: the fastest hikes in the series
Liftoff came on March 17, 2022, when SOFR went from 0.05% to 0.30%. That was the first of eleven increases through July 27, 2023, including four in a row of 75 bp; the 2022 page lines each one up against SOFR's move that day. In 2022 SOFR also printed below the bottom of the target range on 16 days, the only year it did so.
July 2023 – September 2024: the plateau
With the range at 5.25%–5.50%, SOFR traded between 5.30% and 5.40% on all 288 business days from July 27, 2023 to September 18, 2024, averaging 5.32%. The all-time high of 5.40% was set on December 28, 2023 and matched on January 2 and July 1, 2024.
September 2024 – September 2026: cuts, then a reversal
SOFR fell 51 bp on September 19, 2024, from 5.33% to 4.82%. Two more cuts in late 2024 and three in late 2025 (effective September 18, October 30 and December 11) took the range to 3.50%–3.75%, and SOFR to 3.66% on December 11, 2025. Through October 8, its lowest 2026 print was 3.50% on May 20. On September 17, 2026, SOFR jumped 23 bp, from 3.62% to 3.85%, on the first day of a 3.75%–4.00% target range, 25 bp above the old one. The current range is 3.75%–4.00%.
How to get the data
For a custom date range, the SOFR history lookup returns every print between two dates with its percentiles and volume, summary statistics, and a CSV download. For a single calendar year, the year pages above carry the full daily table as static HTML, so it can be copied straight into a spreadsheet.
To work out what the daily rates mean for a loan or note, compound them. The compounded SOFR calculator applies lookback, lockout and observation-shift conventions day by day, and the SOFR Index calculator does the same job from two published Index values.
The official record is the New York Fed's SOFR page, which this site's snapshot is taken from. The New York Fed also publishes indicative SOFR history from August 2014 to March 2018. Those values are not official published rates and are not included here or in any calculation on this site.
Every figure on this page and the year pages is computed from final published prints, through October 8, 2026. The sources and methodology page sets out the New York Fed's same-day revision window and how the snapshot handles it.