What's going on with USD rates? They are so low now. I wouldn't lend at these rates.
https://bfxdata.com/swaphistory/usdSecond chart shows the average rate and the sum total of active swaps. If you zoom it out to ~1 month scale you'll see that in mid-August the total dropped abruptly from $32M to its current level of $24M and the going rate has been on a slow decline ever since because there's spare funds chasing scarce returns in a race to the bottom.
Not that the sum/rate correlation is ever that strong. Seems to be more a link from the rate of change in the sum to the going rate - not enough for funds to just be taken up, they have to be taken up
quickly to move the rate up (presumably because otherwise the increased demand is just absorbed by the ever-present wall of spare funds offered at FRR).