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Refinitiv USD IBOR Consumer Cash Fallbacks Summary

USD IBOR Consumer Cash Fallbacks (CME Term SOFR) summary

Publication date: Sep 26, 2022
Rate Feature Rate Type 1 Month 3 Month 6 Month 12 Month
All-in No Floor CME Term SOFR 3.03921 3.64767 4.23975 4.87633

The rates shown in the table above are based upon CME Term SOFR.  These rates are currently prototypes and should not be used in financial contracts.

Consumers may use this page to check the spread-adjusted, SOFR-based replacement index, if it is being used by their lender for existing LIBOR-based loans converting to SOFR.

Some loans, including some adjustable-rate mortgages, reverse mortgages, student loans, HELOCs, and credit cards, have interest rates that adjust based on the value of widely used indexes. One of the indexes is LIBOR. ICE LIBOR and LIBOR are registered trademarks of ICE Benchmark Administration Limited (IBA), and are used by Refinitiv with permission under licence by IBA. On June 30, 2023, LIBOR will be replaced with a different index, in many cases, based on SOFR (Secured Overnight Financing Rate). Your lender will give you information about changes to your interest rate, including the transition away from LIBOR. 

If your lender is replacing LIBOR with the Refinitiv USD IBOR Consumer Cash Fallbacks then you can use the table above, along with the original loan document and the index change notification from your lender explaining your interest rate calculation to verify the new rate your lender has told you they will charge.

Note that the interest rate on a loan with an adjustable rate has two parts: the index and the margin. An index is a measure of interest rates generally that reflects trends in the overall economy, like LIBOR and SOFR. The margin is an extra percentage that the lender adds to the index. Your documents should identify the index and the margin for your loan. The index likely is described by its duration (for example, 12 month LIBOR). The margin might be expressed as a percent (for example, 3.0%) or it might be expressed as basis points (for example, 300 bps).

Use the table above to see the most recent publicly available value of the index. For example, if your index is be based on 12 month SOFR plus 300 basis points, use the table above to find the comparable 12 month SOFR rate in the appropriate column and add 3.0% to that rate to find the new rate your lender would charge if the index had been set as of the date shown above.

For other historical values of this table, please click here

For more details, access the Consumer Financial Protection Bureau’s blog here. If you wish to learn more about the new index, you can visit the ARRC page, here.