Short-term Funding Monitor: repo rates by segment
How have overnight repo rates moved?
On , the average overnight rate in GCF repo was 3.97% (preliminary).
Average overnight/open rate of each segment over the days of each calendar year
The lines
- Tri-party repo, 20263.66%
- GCF repo, 20263.72%
- DVP repo, 20263.68%
Average overnight/open repo rate of each segment, each day
The linesLatest:
- Tri-party repo3.91%
- GCF repo3.97%
- DVP repo3.94%
Each point is one calendar year's average of a segment (ours; the running year's over the days so far) or, under "Latest days", one day; pointing at the chart shows its date and rates.
Select a line to followLatest:
Observed .
Right now
The tri-party repo rate averaged 4.23% in 2025, the lowest since 2022.
These rates are not intended to be referenced in contracts (Office of Financial Research).
Preliminary or final
OFR first publishes a preliminary value and later replaces it with a final one; every day shown is still preliminary.
Understanding repo rates
Where it stands today
The GCF repo rate was 3.97% on , preliminary.
What is a repo rate?
A repurchase agreement (repo) is a short loan of cash against securities, most often Treasury securities.
Read more
The Office of Financial Research publishes the average rate of overnight and open trades in three segments: tri-party repo, the Fixed Income Clearing Corporation's GCF Repo service and its DVP service. OFR first publishes a preliminary value and later replaces it with a final one; this page shows the final value where OFR has published it. Yearly averages are computed by 500metrics as the plain mean of the days with a value.
The numbers behind the chart
What was each segment's rate on each of the last 30 days?Each segment, newest first
| Date | Tri-party repo | GCF repo | DVP repo | Status |
|---|---|---|---|---|
| n/a | 3.97% | 3.94% | Preliminary | |
| 3.91% | n/a | 3.93% | Preliminary | |
| 3.89% | n/a | 3.91% | Preliminary | |
| 3.87% | n/a | 3.89% | Preliminary | |
| 3.87% | 3.91% | 3.89% | Preliminary | |
| 3.86% | n/a | 3.88% | Preliminary | |
| 3.86% | n/a | 3.89% | Preliminary | |
| 3.88% | n/a | 3.9% | Preliminary | |
| 3.87% | 3.93% | 3.89% | Preliminary | |
| 3.89% | 3.93% | 3.9% | Preliminary |
Show 20 more rows
| Date | Tri-party repo | GCF repo | DVP repo | Status |
|---|---|---|---|---|
| 3.86% | n/a | 3.88% | Preliminary | |
| 3.86% | 3.92% | 3.88% | Preliminary | |
| 3.87% | n/a | 3.88% | Preliminary | |
| 3.89% | n/a | 3.89% | Preliminary | |
| 3.88% | n/a | 3.88% | Preliminary | |
| 3.87% | n/a | 3.86% | Preliminary | |
| 3.86% | n/a | 3.85% | Preliminary | |
| 3.89% | n/a | 3.9% | Preliminary | |
| 3.87% | n/a | 3.89% | Preliminary | |
| 3.9% | n/a | 3.9% | Preliminary | |
| 3.9% | 3.94% | 3.91% | Preliminary | |
| 3.87% | n/a | 3.88% | Preliminary | |
| 3.86% | n/a | 3.88% | Preliminary | |
| 3.86% | n/a | 3.86% | Preliminary | |
| 3.85% | n/a | 3.75% | Preliminary | |
| 3.85% | n/a | 3.75% | Preliminary | |
| 3.83% | 3.91% | 3.83% | Preliminary | |
| 3.61% | n/a | 3.61% | Preliminary | |
| 3.63% | 3.7% | 3.64% | Preliminary | |
| 3.61% | 3.67% | 3.61% | Preliminary |
The table scrolls sideways; the first column stays in place.
What did each segment average in each year?Every year since 2014, newest first
| Year | Tri-party repo | GCF repo | DVP repo |
|---|---|---|---|
| 2026 | 3.66% | 3.72% | 3.68% |
| 2025 | 4.23% | 4.28% | 4.26% |
| 2024 | 5.13% | 4.95% | 5.15% |
| 2023 | 4.99% | 4.99% | 4.99% |
| 2022 | 1.64% | 3.15% | 1.55% |
| 2021 | 0.05% | 0.08% | 0.01% |
| 2020 | 0.37% | 0.80% | 0.37% |
| 2019 | 2.19% | 2.34% | 2.20% |
| 2018 | 1.82% | 2.16% | 1.99% |
| 2017 | 0.89% | n/a | n/a |
| 2016 | 0.34% | n/a | n/a |
| 2015 | 0.13% | n/a | n/a |
| 2014 | 0.09% | n/a | n/a |
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- Segment averages across many trades: a single trade can settle at a different rate.
- The record begins on 22 August 2014 for the oldest segment; each segment starts on its own day.
Observed . Checked .
How to cite this
Office of Financial Research, Short-term Funding Monitor, repo rates, through 26 October 2026. Compiled by 500metrics, "How have overnight repo rates moved?", https://500metrics.com/repo.
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