# Overnight Term rate

I have come across this page from CME which provides O/N rate for various terms:

I am confused on this specification. What does 6m SOFR as 0.05144 mean? SOFR is essentially overnight rate, so for a given day (closing) I would expect only single quote.

Is there any calculation happening to derive this so called 6M rate for SOFR? What does the rate 0.05144 mean in practical sense?

Any insight is highly appreciated.

• Thanks. One further question. CME publishes SOFR term rates for 1m, 3m, and 6m. Given this information, is there any formula available to derive term rate for 4m or more generally for x months? Aug 24 '21 at 18:23