CME Term SOFR interest rate Current and historical CME Term SOFR interest rates

The CME Term SOFR rates are interest rates published by the Chicago Mercantile Exchange (CME) and are used as a benchmark rate for loans in U.S. dollars with maturities ranging from 1 to 12 months. The table below provides an overview of the latest and most up-to-date CME Term SOFR rates. By clicking on the link of a specific term, you will be directed to a page with detailed current and historical information for that term.

Latest CME Term SOFR rates
10-09-2024
10-08-2024
10-07-2024
10-04-2024
10-03-2024
CME Term SOFR 1 month
4.82299 %
4.82354 %
4.81842 %
4.84558 %
4.85077 %
CME Term SOFR 3 months
4.65828 %
4.67595 %
4.63668 %
4.58398 %
4.58972 %
CME Term SOFR 6 months
4.44581 %
4.46820 %
4.39184 %
4.28099 %
4.27362 %
CME Term SOFR 12 months
4.12794 %
4.15975 %
4.04788 %
3.86582 %
3.83337 %

CME Term SOFR chart

Historical CME Term SOFR rates

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What is CME Term SOFR?

The CME Term SOFR rates are interest rates published by the Chicago Mercantile Exchange (CME) that provide a forecast of the SOFR rate for a specific period.

What is SOFR?

SOFR is an interest rate published by the Federal Reserve Bank of New York. SOFR can be viewed as the average interest rate for secured loans issued in U.S. dollars (USD) with an overnight maturity. SOFR is based on actual loans that take place daily between financial institutions.

View the current SOFR rates.

Term SOFR as a replacement for USD LIBOR

The CME Term SOFR rates are the replacement for the USD LIBOR (London Interbank Offered Rate). These benchmark rates were used until September 30, 2024, to determine how much interest banks had to pay each other for loans in U.S. dollars. As LIBOR became less reliable, a new standard was needed, and for loans issued in U.S. dollars that became SOFR (Secured Overnight Financing Rate).

However, the issue with SOFR is that it is an overnight rate, which makes it difficult to use as a benchmark for loans with longer maturities. Therefore, the CME Group developed Term SOFR, which provides banks and companies with a forecast of the SOFR rate for different periods, such as 1 month, 3 months, 6 months, and 12 months.

How are CME Term SOFR rates calculated?

The CME Term SOFR rates are calculated by the Chicago Mercantile Exchange (CME) based on market data from SOFR futures. These futures reflect the market’s expectations for future SOFR rates. The CME uses this data to predict expected rates for different periods, providing banks and companies with a reliable benchmark for determining long-term interest rates.

CME Term SOFR in brief

In simple terms, CME Term SOFR is a forecast of the SOFR rate for a specific period. Term SOFR gives banks and companies a guideline on how much interest they should pay for loans with longer maturities. It replaces USD LIBOR as a reliable and stable standard for setting interest rates on loans in U.S. dollars.