CIP (Construction in Progress) Interest Rates
The CIP rate is set by the Central Bank on a monthly basis. It's generally reflective of the University's cost of short-term borrowing, as approximated by the Secured Overnight Financing Rate (SOFR). However, beginning in October 2022 the Central Bank has been holding the CIP rate at below-market levels.
Note: through September 2022 the CIP rate was based on 3-Month LIBOR, which is being discontinued.
| Period | Average 3-Month LIBOR Rate | Average SOFR Rate | Harvard CIP Rate |
|---|---|---|---|
May 2026 | 3.91% | 3.58% | 2.00% |
April 2026 | 3.93% | 3.64% | 2.00% |
March 2026 | 3.95% | 3.65% | 2.00% |
February 2026 | 3.92% | 3.67% | 2.00% |
January 2026 | 3.92% | 3.66% | 2.00% |
December 2025 | 3.97% | 3.80% | 2.00% |
November 2025 | 4.12% | 3.97% | 2.00% |
October 2025 | 4.16% | 4.20% | 2.00% |
September 2025 | 4.30% | 4.30% | 2.00% |
August 2025 | 4.48% | 4.34% | 2.00% |
July 2025 | 4.58% | 4.33% | 2.00% |
June 2025 | 4.57% | 4.31% | 2.00% |
May 2025 | 4.57% | 4.30% | 2.00% |
April 2025 | 4.52% | 4.35% | 2.00% |
March 2025 | 4.56% | 4.32% | 2.00% |
February 2025 | 4.58% | 4.34% | 2.00% |
January 2025 | 4.56% | 4.31% | 2.00% |
December 2024 | 4.63% | 4.53% | 2.00% |
November 2024 | 4.77% | 4.65% | 2.00% |
October 2024 | 4.88% | 4.85% | 2.00% |
September 2024 | 5.07% | 5.16% | 2.00% |
August 2024 | 5.36% | 5.33% | 2.00% |
July 2024 | 5.55% | 5.34% | 2.00% |
June 2024 | 5.60% | 5.33% | 2.00% |
May 2024 | 5.59% | 5.31% | 2.00% |
April 2024 | 5.58% | 5.32% | 2.00% |
March 2024 | 5.58% | 5.31% | 2.00% |
February 2024 | 5.58% | 5.31% | 2.00% |
January 2024 | 5.58% | 5.32% | 2.00% |
December 2023 | 5.63% | 5.34% | 2.00% |
November 2023 | 5.64% | 5.32% | 2.00% |
October 2023 | 5.66% | 5.31% | 2.00% |
September 2023 | 5.66% | 5.31% | 2.00% |
August 2023 | 5.64% | 5.30% | 2.00% |
July 2023 | 5.59% | 5.09% | 2.00% |
June 2023 | 5.53% | 5.06% | 2.00% |
May 2023 | 5.37% | 5.02% | 2.00% |
April 2023 | 5.25% | 4.81% | 2.00% |
March 2023 | 5.05% | 4.64% | 2.00% |
February 2023 | 4.89% | 4.54% | 2.00% |
January 2023 | 4.58% | 4.10% | 2.00% |
December 2022 | 4.74% | 4.07% | 4.00% |
November 2022 | 4.65% | 3.72% | 4.00% |
October 2022 | 4.15% | 3.04% | 4.00% |
September 2022 | 3.47% | 2.51% | 3.49% |
August 2022 | 2.95% | 2.28% | 2.97% |
July 2022 | 2.62% | 1.61% | 2.64% |
June 2022 | 1.96% | 1.98% | |
May 2022 | 1.46% | 1.48% | |
April 2022 | 1.10% | 1.12% | |
March 2022 | 0.84% | 0.86% | |
February 2022 | 0.43% | 0.45% | |
January 2022 | 0.25% | 0.27% | |
December 2021 | 0.21% | 0.23% | |
November 2021 | 0.16% | 0.18% | |
October 2021 | 0.13% | 0.15% | |
September 2021 | 0.12% | 0.14% | |
August 2021 | 0.12% | 0.14% | |
July 2021 | 0.13% | 0.15% | |
June 2021 | 0.13% | 0.15% | |
May 2021 | 0.15% | 0.17% | |
April 2021 | 0.19% | 0.21% | |
March 2021 | 0.19% | 0.21% | |
February 2021 | 0.19% | 0.21% | |
January 2021 | 0.22% | 0.24% | |
December 2020 | 0.23% | 0.25% | |
November 2020 | 0.22% | 0.24% | |
October 2020 | 0.22% | 0.24% | |
September 2020 | 0.24% | 0.26% | |
August 2020 | 0.25% | 0.27% | |
July 2020 | 0.27% | 0.29% | |
June 2020 | 0.31% | 0.33% | |
May 2020 | 0.41% | 0.43% | |
April 2020 | 1.10% | 1.12% | |
March 2020 | 1.10% | 1.12% | |
February 2020 | 1.68% | 1.70% | |
January 2020 | 1.82% | 1.84% | |
December 2019 | 1.91% | 1.93% | |
November 2019 | 1.90% | 1.92% | |
October 2019 | 1.98% | 2.00% | |
September 2019 | 2.12% | 2.14% | |
August 2019 | 2.16% | 2.18% | |
July 2019 | 2.29% | 2.31% |