#  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.

SortPeriodAverage 3-Month LIBOR RateAverage SOFR RateHarvard  
CIP RateMay 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%