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.
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10-02-2024
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10-01-2024
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09-30-2024
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09-27-2024
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09-26-2024
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| CME Term SOFR 1 month |
4.85655 %
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4.84954 %
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4.84570 %
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4.84410 %
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4.84544 %
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| CME Term SOFR 3 months |
4.59824 %
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4.60953 %
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4.59211 %
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4.59335 %
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4.60367 %
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| CME Term SOFR 6 months |
4.28262 %
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4.28402 %
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4.25387 %
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4.26185 %
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4.24520 %
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| CME Term SOFR 12 months |
3.81791 %
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3.82124 %
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3.77668 %
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3.78308 %
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3.74484 %
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CME Term SOFR chart
Historical CME Term SOFR ratesThe market data ("Information") contained herein: (i) includes the proprietary information of Chicago Mercantile Exchange Inc. or it’s licensors, as applicable ; (ii) may not be copied, sold or further disseminated except as specifically authorized; (iii) does not constitute investment advice; (iv) is provided solely for informational purposes; (v) is not used for any commercial purpose; and (vi) is not warranted to be complete, accurate or timely. You may not develop or create any derivative work or other product that uses, is based on, or is developed in connection with any of the Information (including, without limitation, proprietary data, settlement data or indices) available on this site. In addition to the forgoing, to the fullest extent permitted by law, use of such Information (including associated metadata) in any manner for any machine learning and/or artificial intelligence, including without limitation for the purposes of training, coding, or development of artificial intelligence technologies, tools, or solutions or machine learning language models, or otherwise for the purposes of using or in connection with the use of such technologies, tools, or models to generate any information, material, data, derived works, content, or output, is expressly prohibited.
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.
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.