SOFR history: 2025

SOFR began 2025 at 4.40%, 9 bp under the 4.49% close of 2024, and fell another 9 bp to 4.31% on January 3. From there to the end of August it never left a 19 bp band, 4.26% to 4.45%, while the target range stayed at 4.25%–4.50%. EFFR printed 4.33% on each of the 178 business days before the first cut. Across that period SOFR averaged 4.335%, about 8.5 bp above the bottom of the range.

The autumn cuts

Three 25 bp reductions appear in the EFFR data, each matched by a drop of about the same size in SOFR:

• September 18, range 4.00%–4.25%: SOFR 4.38% to 4.14%, down 24 bp.
• October 30, range 3.75%–4.00%: SOFR 4.27% to 4.04%, down 23 bp.
• December 11, range 3.50%–3.75%: SOFR 3.90% to 3.66%, down 24 bp.

The December 11 print of 3.66% is the low of the year, matched on four later days that month. The high, 4.51% on September 15, came just before the first cut and was the first close above the 4.50% ceiling in 2025.

SOFR moves above EFFR

The more unusual feature of 2025 is where SOFR sat inside each new range. From September 18 to December 31 it printed above EFFR on all 71 business days. Before the first cut the two rates traded around each other: on the 178 business days to September 17, SOFR was below EFFR on 71, equal on 23 and above on 84, with the gap running from −7 bp to +18 bp and averaging +0.5 bp. Afterwards the smallest gap was 1 bp, the median 7 bp and the average 9.2 bp. Its average distance above the range floor rose from 8.5 bp before the cuts to 19.1 bp, 23.5 bp and 20.6 bp in the three ranges that followed. SOFR closed above the ceiling on 17 days of the year, 16 of them from October 15 onward. The widest gap was October 31: SOFR rose 18 bp to 4.22%, which was 36 bp over EFFR and 22 bp over the 4.00% ceiling. For the full year SOFR averaged 3.0 bp over EFFR, the largest annual figure since 2019. The benchmarks page plots the two rates together, and secured vs unsecured rates explains why they usually sit close.

Month-end pressure

This site measures each month-end by comparing the last print with the average of the five business days before it. Before the cuts the largest reading was June 30: SOFR rose to 4.45% on $2,946 billion, 10.2 bp above that average, after printing 4.29% to 4.40% the week before. August's month-end was −2.2 bp and September's +9.6 bp.

October 31 shows the limit of the measure. It reads −0.6 bp, because four of the five comparison days came before the October 30 cut, at 4.24% to 4.31%. Measured from the 4.04% of October 30, the month-end jump was 18 bp. The last two months need no such adjustment. November 28 was 14.8 bp above its trailing five-day average. The December 31 print, 3.87%, was 15.8 bp above its own and 12 bp above the 3.75% ceiling. The month-end guide compares these readings with earlier years.

Volume reaches $3 trillion

SOFR volume first reached $3 trillion on September 30, 2025, and did so on 54 days by year-end. Quarterly averages rose from $2,401.6 billion to $2,626.7 billion, $2,824.1 billion and $3,167.0 billion. The year's largest day was the last one, $3,485 billion on December 31; the smallest was $2,179 billion on January 14.

On a compounded basis, the SOFR Index went from 1.17510002 on January 2, 2025 to 1.22671228 on January 2, 2026, which is 4.33% annualized over 365 days, against a simple daily mean of 4.243%. The year continues in 2026.

Reading the 2025 tables

Three monthly rows straddle a cut, so their means describe neither range. September's 4.300% mixes 12 days at 4.38% to 4.51% with nine at 4.12% to 4.24%. December's 3.800% mixes eight days at 3.90% to 4.12% with 14 at 3.66% to 3.87%. October's row has the cut on its second-to-last day. Use the daily table for any date-specific question.

In the daily table, the change column is basis points from the previous business day, so the January 2 row compares with December 31, 2024. The percentile column gives the 1st and 99th volume-weighted percentile rates the New York Fed publishes with SOFR. In 2025 the median distance between them was 15 bp. The widest, 32 bp, came on October 30, from 3.95% to 4.27%. Volume figures are in dollar billions.

2025 chart: SOFR and the target band

2025 at a glance

Monthly summary, 2025

Daily SOFR, 2025

Related tools and guides

• SOFR historyEvery SOFR observation since April 2018, summarized by year with links to daily tables.
• SOFR in 2024Daily SOFR observations, monthly summary and Fed moves for 2024.
• SOFR in 2026Daily SOFR observations, monthly summary and Fed moves for 2026.
• SOFR vs TGCR, BGCR, EFFRSide-by-side overnight benchmarks and the spreads between secured and unsecured funding.
• Secured vs unsecured ratesWhy SOFR and the effective federal funds rate differ, and what the gap tells you.
• SOFR spikes and month-endSeptember 2019, March 2020 and the recurring month-end and quarter-end moves in SOFR.
• Fed target range historyEvery federal funds target range since 2018 and where SOFR traded inside or outside it.
• SOFR spread trackerChart the spread between SOFR and EFFR, TGCR or BGCR over any period.