NIBOR Forward Curve: Today’s Market-Implied Path
The 3M and 6M NIBOR forward curves, bootstrapped from NOK swap quotes and updated every trading day. Compare them on one chart, read the year-by-year forecast, or take the whole grid to Excel.
Last update:
Year-end NIBOR forward rates · the NIBOR forecast 5 years out, 3M and 6M
| Forward curve | 31 Dec 2026 | 31 Dec 2027 | 31 Dec 2028 | 31 Dec 2029 | 31 Dec 2030 | 31 Dec 2031 |
|---|---|---|---|---|---|---|
| 3M NIBOR | 5.02% | 4.92% | 4.65% | 4.35% | ||
| 6M NIBOR | 5.09% | 5.04% | 4.76% | 4.48% | ||
The market’s NIBOR forecast: forward rates implied by interdealer NOK swap quotes. Read how we build these curves.
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The NIBOR forward curve in Excel & API
If you’re copying this curve into a model more than once a month, you don’t need a download, you need a feed. One function per forward period, always current, straight into your model.
// Excel: any NIBOR forward period in a cell =BlueGamma.FORWARD_RATE("6M NIBOR", start_date, end_date) # API: the same rate, one GET away GET api.bluegamma.io/v1/forward_rate ?index=6M NIBOR&start_date=2027-06-30&end_date=3M x-api-key: your_api_key
The curve prices your float. The desk quotes a par rate.
When you fix, the bank quotes one number for the whole term. Check it against an independent NIBOR mid before you sign: the difference is their margin.
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FAQs
NIBOR, the Norwegian Interbank Offered Rate, is the benchmark interest rate for Norwegian kroner. It is fixed at 12:00 each Norwegian business day for five tenors (1 week, 1, 2, 3 and 6 months) from the submissions of a panel of banks, and administered by Norske Finansielle Referanser (NoRe).
Banks base their submissions on their own interbank lending and NOK funding first, falling back to rates derived from foreign currency rates and FX swaps. NIBOR moves with expectations for Norges Bank's policy rate, and it remains the most widely used NOK reference rate in loans and interest rate swaps. NOWA, the overnight rate run by Norges Bank, is its risk-free counterpart, and no end date for NIBOR has been announced.
Use the tenor your loan or swap resets on: 3M NIBOR for quarterly resets, 6M NIBOR for semi-annual ones.
Both curves on this page come from the same NOK swap market, so the gap between them is the term premium the market charges for locking in for six months rather than three, not a difference in method.
Markets currently price 3M NIBOR at 5.02% for end-2026, 4.92% for 2027, 4.65% for 2028 and 4.35% for 2029: an easing path. These are forward rates implied by today's swap market, not an in-house view, and they move as expectations shift.
The dated forward rates for 2030, 2031 and the rest of the curve are in the app. Start a free 14-day trial and take them straight to Excel.
Quotes stream straight from tier-one inter-dealer brokers and exchanges. We sanity-check every feed before building the curve.
Yes. Pick any valuation date (and even time) and download the historical curve to Excel.
This page updates every trading day. Need intraday? Most curves update on live rates in the app, and the Excel download uses the latest rates the moment you hit Download. Start a free 14-day trial.
SOFR, SONIA, EURIBOR, CORRA, BBSY, STIBOR, NIBOR, JIBAR and 30-plus others: all with forward curves and discount factors.
Yes. Pull curves via a REST API or use the Excel function =BLUEGAMMA(). Same numbers everywhere, no manual uploads.
Absolutely. Load any swap (fixed-for-floating, amortising or bullet), drop in the notional schedule and get a mark-to-market in minutes, or roll the clock back for historic pricing.
Most free forward curves are published once a month as a static chart. BlueGamma rebuilds the NIBOR curves from swap quotes every trading day, shows the dated values rather than a picture, and lets you download the full grid to Excel during a free trial.
More on NIBOR rates
NIBOR Swap Rates
Today's NOK NIBOR swap rates across the tenor grid, with history.
Forward curve basics
How forward curves are built, read and used in models.
Pull a curve into Excel
How to pull a forward curve directly into a spreadsheet, step by step.
How we bootstrap the yield curve
The methodology behind every curve on this page: market inputs, bootstrapping and interpolation.
More from BlueGamma
Or browse the full forward curve catalogue, covering every curve we publish.