BitsSecuritySOFR & repo-rate desk
Rates for Oct 8, 2026 · NY Fed data

SOFR history: 2024

The year SOFR held near 5.3% for eight and a half months and then fell 100 bp in target-range terms, with every daily print, monthly summaries and the year's quarter-end pressure points.

Updated October 10, 2026 · Data through October 8, 2026 · Sources & method

For most of 2024 SOFR barely moved. The target range was 5.25%–5.50% from January 2 through September 18, and on all 180 business days in that stretch SOFR printed between 5.30% and 5.40%, averaging 5.324%. The single most common print was 5.31%, which appeared 77 times. EFFR was 5.33% on every one of those days, and SOFR sat below it on 113 of them, so secured overnight cash was usually a basis point or two cheaper than fed funds. The year's high of 5.40% came on January 2 and again on July 1, the first business day of a quarter both times.

Three cuts from September 19

The plateau ended with a 51 bp drop on September 19, from 5.33% to 4.82%, the day the range moved to 4.75%–5.00%. That is the largest one-day decline in the series since March 16, 2020. Two smaller steps followed: a 22 bp fall to 4.60% on November 8 (range 4.50%–4.75%) and a 27 bp fall to 4.30% on December 19 (range 4.25%–4.50%). The 4.30% print, repeated on December 20, is the low of the year. The target range history lists the dates alongside every other change since 2018.

Quarter-end showed through as soon as the cuts began. On September 30 SOFR rose 12 bp to 4.96% on $2,523 billion, the heaviest volume of the year, with its 99th percentile at 5.45%. The next day it reached 5.05%, 22 bp over EFFR and 5 bp above the 5.00% ceiling. SOFR closed above the top of the range only twice in 2024: on October 1 and on December 26 (4.53% against 4.50%). The year ended at 4.49% on December 31, up 12 bp on the day and 16 bp over EFFR.

Month-ends and the gap to fed funds

The cuts also changed where SOFR sat against EFFR. Its average spread to fed funds was −1.6 bp in the first quarter and −1.1 bp in the second, then +1.0 bp in the third and +2.2 bp in the fourth. In the eight business days after the December 19 cut, SOFR averaged 6.5 bp over EFFR.

Month-ends moved the same way. This site compares each month's last print with the average of the five business days before it. From January through August that figure never exceeded 4.0 bp, and August's was −2.0 bp. September 30 came in at +12.4 bp. October 31 was +7.8 bp: after printing between 4.81% and 4.86% on every business day from October 4 to October 30, SOFR rose to 4.90% on $2,244 billion. November's month-end added 1.6 bp and December's 7.6 bp. The month-end guide looks at these dates across the whole series.

Volume passes $2 trillion

April 1, 2024 was the first business day on which SOFR volume reached $2 trillion, and 127 days in the year cleared that mark. Average daily volume climbed every quarter: $1,745.2 billion in the first, $1,897.7 billion in the second, $2,115.6 billion in the third and $2,263.0 billion in the fourth. For the year as a whole it was $2,006.9 billion, the first calendar year above $2 trillion. The percentiles and volume page carries the full series.

What a dollar earned at SOFR in 2024

The plain mean of 2024's daily prints is 5.148%, but that is not what cash compounding at SOFR returned. The SOFR Index was 1.11527807 on January 2, 2024 and 1.17510002 on January 2, 2025. Over those 366 days the ratio gives 5.36% of total growth, or 5.28% annualized on an actual/360 basis. The two figures differ because the Index weights each print by the calendar days it applies, so Friday rates count three times, and because it compounds. The SOFR Index calculator does the same arithmetic for any pair of dates, and the 2025 page picks up from the 4.49% close.

How to read the tables below

The monthly table gives each month's first and last print, its mean, high and low, and its average daily volume. A monthly mean can hide the day that matters most. September's 5.146% blends 12 days between 5.32% and 5.38% with eight days after the cut, and nothing in that row shows the 4.96% quarter-end on its own. October's 5.05% high is October 1, the day after quarter-end, not the 4.90% month-end.

The daily table lists every effective date, newest first. The change column is measured in basis points from the previous business day's print. SOFR is a volume-weighted median rounded to the nearest basis point, and the New York Fed publishes the 1st and 99th volume-weighted percentile rates with it. One percent of the day's volume traded at or below the first figure and one percent at or above the second. In 2024 the median gap between them was 14 bp; the widest was 62 bp on September 30, from 4.83% to 5.45%. Volume is in billions of dollars, rounded to the nearest billion. Each rate is dated by the day the trades were negotiated and published the next business day.

SOFR against the 2024 target range

4.154.444.735.025.315.60MarMayJulSepNovSOFR
SOFRFed funds target range

Key figures for 2024

StatisticValue
Observations250
First / last observationJan 2, 2024 / Dec 31, 2024
First rate / last rate5.40% / 4.49%
Mean / median5.148% / 5.31%
High5.40% on Jan 2, 2024
Low4.30% on Dec 19, 2024
Average daily volume$2,006.9 billion
Largest daily moves-51 bp (Sep 19, 2024), -27 bp (Dec 19, 2024), -22 bp (Nov 8, 2024)

Month by month

SOFR by month, 2024. Source: Federal Reserve Bank of New York; summary statistics computed by BitsSecurity.
MonthObs.FirstLastMeanHighLowAvg volume ($bn)
January215.40%5.32%5.321%5.40%5.31%1,722
February205.32%5.32%5.309%5.32%5.30%1,717
March205.31%5.34%5.313%5.34%5.31%1,799
April225.35%5.34%5.317%5.35%5.30%1,841
May225.32%5.34%5.315%5.34%5.31%1,894
June195.35%5.33%5.325%5.35%5.31%1,968
July225.40%5.38%5.343%5.40%5.32%2,035
August225.35%5.32%5.333%5.35%5.31%2,106
September205.34%4.96%5.146%5.38%4.82%2,215
October225.05%4.90%4.849%5.05%4.81%2,235
November194.86%4.59%4.644%4.86%4.56%2,231
December214.64%4.49%4.532%4.65%4.30%2,321

All 250 daily prints

Every published SOFR observation in 2024, newest first. Source: Federal Reserve Bank of New York.
Effective dateSOFRChange (bp)1st–99th pctVolume ($bn)
Dec 31, 20244.49%+124.36% – 4.75%2,474
Dec 30, 20244.37%-94.30% – 4.55%2,290
Dec 27, 20244.46%-74.30% – 4.73%2,275
Dec 26, 20244.53%+134.35% – 4.80%2,320
Dec 24, 20244.40%+94.31% – 4.58%2,282
Dec 23, 20244.31%+14.25% – 4.43%2,337
Dec 20, 20244.30%04.25% – 4.40%2,330
Dec 19, 20244.30%-274.25% – 4.58%2,390
Dec 18, 20244.57%-54.55% – 4.66%2,291
Dec 17, 20244.62%-34.55% – 4.71%2,341
Dec 16, 20244.65%+54.56% – 4.75%2,360
Dec 13, 20244.60%-24.55% – 4.70%2,255
Dec 12, 20244.62%04.55% – 4.72%2,262
Dec 11, 20244.62%-24.56% – 4.72%2,287
Dec 10, 20244.64%+14.56% – 4.76%2,308
Dec 9, 20244.63%+34.56% – 4.74%2,305
Dec 6, 20244.60%+14.55% – 4.70%2,277
Dec 5, 20244.59%04.55% – 4.68%2,325
Dec 4, 20244.59%-54.55% – 4.69%2,265
Dec 3, 20244.64%04.55% – 4.75%2,329
Dec 2, 20244.64%+54.57% – 4.75%2,440
Nov 29, 20244.59%+24.55% – 4.70%2,209
Nov 27, 20244.57%-14.54% – 4.66%2,136
Nov 26, 20244.58%04.54% – 4.69%2,214
Nov 25, 20244.58%+14.55% – 4.69%2,206
Nov 22, 20244.57%04.53% – 4.66%2,188
Nov 21, 20244.57%+14.55% – 4.66%2,291
Nov 20, 20244.56%-14.54% – 4.65%2,155
Nov 19, 20244.57%04.55% – 4.66%2,275
Nov 18, 20244.57%04.54% – 4.65%2,297
Nov 15, 20244.57%-14.55% – 4.65%2,425
Nov 14, 20244.58%-14.55% – 4.66%2,177
Nov 13, 20244.59%-14.55% – 4.69%2,233
Nov 12, 20244.60%04.55% – 4.70%2,298
Nov 8, 20244.60%-224.55% – 4.83%2,184
Nov 7, 20244.82%+14.79% – 4.91%2,266
Nov 6, 20244.81%-14.78% – 4.88%2,128
Nov 5, 20244.82%04.79% – 4.89%2,235
Nov 4, 20244.82%-44.79% – 4.91%2,308
Nov 1, 20244.86%-44.80% – 4.97%2,164
Oct 31, 20244.90%+94.80% – 5.03%2,244
Oct 30, 20244.81%-14.78% – 4.89%2,045
Oct 29, 20244.82%04.78% – 4.90%2,116
Oct 28, 20244.82%-14.79% – 4.92%2,194
Oct 25, 20244.83%04.79% – 4.94%2,188
Oct 24, 20244.83%04.77% – 4.94%2,246
Oct 23, 20244.83%04.79% – 4.92%2,129
Oct 22, 20244.83%+14.79% – 4.92%2,226
Oct 21, 20244.82%-24.80% – 4.91%2,322
Oct 18, 20244.84%-14.80% – 4.94%2,168
Oct 17, 20244.85%-14.81% – 4.98%2,334
Oct 16, 20244.86%04.81% – 4.97%2,317
Oct 15, 20244.86%+54.81% – 5.00%2,272
Oct 11, 20244.81%-14.79% – 4.89%2,058
Oct 10, 20244.82%-14.79% – 4.91%2,198
Oct 9, 20244.83%-14.80% – 4.93%2,220
Oct 8, 20244.84%+14.80% – 4.94%2,166
Oct 7, 20244.83%04.80% – 4.93%2,350
Oct 4, 20244.83%-24.80% – 4.93%2,377
Oct 3, 20244.85%-74.80% – 4.96%2,182
Oct 2, 20244.92%-134.83% – 5.09%2,426
Oct 1, 20245.05%+94.85% – 5.28%2,395
Sep 30, 20244.96%+124.83% – 5.45%2,523
Sep 27, 20244.84%+14.80% – 4.95%2,077
Sep 26, 20244.83%-14.80% – 4.95%2,329
Sep 25, 20244.84%04.79% – 4.95%2,133
Sep 24, 20244.84%+14.79% – 4.95%2,171
Sep 23, 20244.83%04.78% – 4.93%2,198
Sep 20, 20244.83%+14.78% – 4.92%2,147
Sep 19, 20244.82%-514.79% – 5.34%2,378
Sep 18, 20245.33%-55.28% – 5.42%2,194
Sep 17, 20245.38%05.30% – 5.47%2,161
Sep 16, 20245.38%+55.30% – 5.48%2,212
Sep 13, 20245.33%05.30% – 5.43%2,232
Sep 12, 20245.33%+15.28% – 5.42%2,087
Sep 11, 20245.32%-15.29% – 5.41%2,308
Sep 10, 20245.33%-15.29% – 5.43%2,161
Sep 9, 20245.34%05.29% – 5.45%2,094
Sep 6, 20245.34%-15.30% – 5.46%2,119
Sep 5, 20245.35%05.30% – 5.46%2,205
Sep 4, 20245.35%+15.30% – 5.46%2,169
Sep 3, 20245.34%+25.30% – 5.50%2,403
Aug 30, 20245.32%-15.28% – 5.43%2,011
Aug 29, 20245.33%-25.29% – 5.46%2,088
Aug 28, 20245.35%05.30% – 5.49%2,030
Aug 27, 20245.35%+15.30% – 5.50%2,227
Aug 26, 20245.34%+15.30% – 5.44%2,039
Aug 23, 20245.33%+25.30% – 5.44%2,152
Aug 22, 20245.31%05.28% – 5.41%2,037
Aug 21, 20245.31%-15.28% – 5.39%1,975
Aug 20, 20245.32%05.29% – 5.43%2,101
Aug 19, 20245.32%05.29% – 5.42%2,118
Aug 16, 20245.32%-35.29% – 5.43%2,131
Aug 15, 20245.35%+25.30% – 5.45%2,118
Aug 14, 20245.33%-15.28% – 5.44%2,108
Aug 13, 20245.34%05.30% – 5.48%2,082
Aug 12, 20245.34%05.30% – 5.46%2,138
Aug 9, 20245.34%05.30% – 5.46%2,170
Aug 8, 20245.34%+15.30% – 5.47%2,196
Aug 7, 20245.33%05.30% – 5.44%2,042
Aug 6, 20245.33%+15.30% – 5.43%2,086
Aug 5, 20245.32%-35.29% – 5.42%2,199
Aug 2, 20245.35%05.30% – 5.48%2,077
Aug 1, 20245.35%-35.30% – 5.51%2,211
Jul 31, 20245.38%+55.30% – 5.51%2,185
Jul 30, 20245.33%05.30% – 5.45%1,978
Jul 29, 20245.33%-25.30% – 5.46%1,982
Jul 26, 20245.35%05.30% – 5.50%2,027
Jul 25, 20245.35%+15.30% – 5.49%2,129
Jul 24, 20245.34%05.30% – 5.47%2,083
Jul 23, 20245.34%+15.30% – 5.45%2,011
Jul 22, 20245.33%-15.28% – 5.44%2,120
Jul 19, 20245.34%05.30% – 5.45%1,992
Jul 18, 20245.34%-15.30% – 5.46%2,014
Jul 17, 20245.35%05.30% – 5.49%2,025
Jul 16, 20245.35%+15.30% – 5.49%2,061
Jul 15, 20245.34%05.30% – 5.48%2,175
Jul 12, 20245.34%05.30% – 5.45%1,900
Jul 11, 20245.34%05.30% – 5.45%1,920
Jul 10, 20245.34%05.30% – 5.46%1,949
Jul 9, 20245.34%+25.30% – 5.47%1,913
Jul 8, 20245.32%05.29% – 5.43%2,090
Jul 5, 20245.32%-15.29% – 5.44%2,126
Jul 3, 20245.33%-25.29% – 5.46%2,007
Jul 2, 20245.35%-55.30% – 5.50%2,110
Jul 1, 20245.40%+75.29% – 5.51%1,967
Jun 28, 20245.33%-15.29% – 5.47%2,024
Jun 27, 20245.34%05.29% – 5.48%1,888
Jun 26, 20245.34%+15.30% – 5.50%1,897
Jun 25, 20245.33%+25.30% – 5.46%1,968
Jun 24, 20245.31%05.28% – 5.40%1,992
Jun 21, 20245.31%-15.28% – 5.41%1,991
Jun 20, 20245.32%-15.27% – 5.42%2,052
Jun 18, 20245.33%05.29% – 5.45%2,021
Jun 17, 20245.33%+25.30% – 5.46%1,975
Jun 14, 20245.31%05.28% – 5.41%1,855
Jun 13, 20245.31%05.29% – 5.41%2,035
Jun 12, 20245.31%-15.28% – 5.41%1,957
Jun 11, 20245.32%05.28% – 5.42%1,946
Jun 10, 20245.32%-15.27% – 5.43%1,847
Jun 7, 20245.33%05.29% – 5.44%1,934
Jun 6, 20245.33%05.29% – 5.44%2,008
Jun 5, 20245.33%05.30% – 5.43%1,989
Jun 4, 20245.33%-25.29% – 5.44%2,092
Jun 3, 20245.35%+15.29% – 5.44%1,912
May 31, 20245.34%+15.30% – 5.48%2,061
May 30, 20245.33%05.29% – 5.46%1,824
May 29, 20245.33%+15.28% – 5.44%1,807
May 28, 20245.32%05.28% – 5.43%2,013
May 24, 20245.32%+15.28% – 5.41%1,909
May 23, 20245.31%05.28% – 5.39%1,916
May 22, 20245.31%05.28% – 5.39%1,900
May 21, 20245.31%05.28% – 5.39%1,929
May 20, 20245.31%05.28% – 5.39%1,866
May 17, 20245.31%05.28% – 5.39%1,964
May 16, 20245.31%05.28% – 5.41%2,001
May 15, 20245.31%05.28% – 5.38%1,936
May 14, 20245.31%05.28% – 5.38%1,838
May 13, 20245.31%05.27% – 5.38%1,805
May 10, 20245.31%05.28% – 5.39%1,816
May 9, 20245.31%05.28% – 5.39%1,871
May 8, 20245.31%05.27% – 5.39%1,845
May 7, 20245.31%05.28% – 5.40%1,864
May 6, 20245.31%05.28% – 5.40%1,855
May 3, 20245.31%05.28% – 5.40%1,863
May 2, 20245.31%-15.28% – 5.41%1,838
May 1, 20245.32%-25.28% – 5.43%1,955
Apr 30, 20245.34%+25.29% – 5.50%1,831
Apr 29, 20245.32%05.28% – 5.43%1,781
Apr 26, 20245.32%+15.28% – 5.43%1,795
Apr 25, 20245.31%05.28% – 5.42%1,774
Apr 24, 20245.31%05.28% – 5.40%1,778
Apr 23, 20245.31%05.27% – 5.39%1,757
Apr 22, 20245.31%05.27% – 5.38%1,746
Apr 19, 20245.31%+15.27% – 5.38%1,780
Apr 18, 20245.30%-15.28% – 5.39%1,764
Apr 17, 20245.31%05.27% – 5.39%1,731
Apr 16, 20245.31%-15.28% – 5.41%1,809
Apr 15, 20245.32%+15.28% – 5.43%1,938
Apr 12, 20245.31%05.27% – 5.40%1,805
Apr 11, 20245.31%05.28% – 5.39%1,857
Apr 10, 20245.31%05.28% – 5.39%1,909
Apr 9, 20245.31%05.28% – 5.40%1,826
Apr 8, 20245.31%-15.28% – 5.41%1,807
Apr 5, 20245.32%05.28% – 5.42%1,898
Apr 4, 20245.32%05.28% – 5.41%1,974
Apr 3, 20245.32%-25.28% – 5.43%1,985
Apr 2, 20245.34%-15.30% – 5.50%1,927
Apr 1, 20245.35%+15.30% – 5.51%2,023
Mar 28, 20245.34%+15.30% – 5.48%1,911
Mar 27, 20245.33%+15.28% – 5.48%1,807
Mar 26, 20245.32%+15.28% – 5.44%1,849
Mar 25, 20245.31%05.28% – 5.43%1,820
Mar 22, 20245.31%05.27% – 5.42%1,796
Mar 21, 20245.31%05.27% – 5.39%1,849
Mar 20, 20245.31%05.27% – 5.38%1,736
Mar 19, 20245.31%05.20% – 5.38%1,813
Mar 18, 20245.31%05.27% – 5.39%1,788
Mar 15, 20245.31%05.28% – 5.41%1,803
Mar 14, 20245.31%05.27% – 5.39%1,782
Mar 13, 20245.31%05.27% – 5.40%1,784
Mar 12, 20245.31%05.27% – 5.40%1,699
Mar 11, 20245.31%05.27% – 5.40%1,804
Mar 8, 20245.31%05.27% – 5.39%1,782
Mar 7, 20245.31%05.27% – 5.38%1,793
Mar 6, 20245.31%05.27% – 5.38%1,707
Mar 5, 20245.31%05.27% – 5.39%1,807
Mar 4, 20245.31%05.27% – 5.39%1,858
Mar 1, 20245.31%-15.28% – 5.40%1,783
Feb 29, 20245.32%+15.28% – 5.41%1,951
Feb 28, 20245.31%05.27% – 5.38%1,620
Feb 27, 20245.31%05.28% – 5.40%1,741
Feb 26, 20245.31%05.28% – 5.41%1,739
Feb 23, 20245.31%+15.27% – 5.39%1,736
Feb 22, 20245.30%05.27% – 5.38%1,620
Feb 21, 20245.30%05.27% – 5.37%1,607
Feb 20, 20245.30%05.25% – 5.37%1,610
Feb 16, 20245.30%-15.26% – 5.37%1,666
Feb 15, 20245.31%+15.27% – 5.38%1,746
Feb 14, 20245.30%-15.26% – 5.38%1,596
Feb 13, 20245.31%05.27% – 5.39%1,714
Feb 12, 20245.31%05.27% – 5.40%1,725
Feb 9, 20245.31%05.27% – 5.40%1,581
Feb 8, 20245.31%05.27% – 5.40%1,669
Feb 7, 20245.31%05.27% – 5.40%1,797
Feb 6, 20245.31%05.28% – 5.40%1,738
Feb 5, 20245.31%-15.27% – 5.41%1,731
Feb 2, 20245.32%05.28% – 5.44%1,849
Feb 1, 20245.32%05.28% – 5.43%1,897
Jan 31, 20245.32%+15.28% – 5.43%1,874
Jan 30, 20245.31%05.28% – 5.40%1,642
Jan 29, 20245.31%-15.27% – 5.40%1,598
Jan 26, 20245.32%05.28% – 5.42%1,712
Jan 25, 20245.32%+15.28% – 5.43%1,768
Jan 24, 20245.31%05.26% – 5.40%1,596
Jan 23, 20245.31%05.26% – 5.38%1,686
Jan 22, 20245.31%05.26% – 5.38%1,595
Jan 19, 20245.31%05.26% – 5.37%1,688
Jan 18, 20245.31%-15.27% – 5.40%1,746
Jan 17, 20245.32%05.28% – 5.42%1,764
Jan 16, 20245.32%+15.28% – 5.42%1,854
Jan 12, 20245.31%05.27% – 5.40%1,590
Jan 11, 20245.31%05.28% – 5.40%1,648
Jan 10, 20245.31%05.28% – 5.40%1,660
Jan 9, 20245.31%05.28% – 5.40%1,693
Jan 8, 20245.31%05.28% – 5.40%1,658
Jan 5, 20245.31%-15.28% – 5.40%1,674
Jan 4, 20245.32%-75.29% – 5.44%1,930
Jan 3, 20245.39%-15.30% – 5.53%1,832
Jan 2, 20245.40%+25.30% – 5.56%1,948

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