Note that when SOFR starts to fluctuate, you wont know your actual interest payment before the end of each payment period, since these rates are applied on a daily basis, in arrears.
[1] https://www.cmegroup.com/market-data/cme-group-benchmark-adm...
There's a limit to how often the rate changes, etc.
Just looking at one now, and it's set up as follows:
1. Rate is allowed to change only on the 1st day of every 6th month (after the initial flat-rate period ends).
2. On that day, the new rate is set to a spread + the max of 0 and the value of the 30-day Average SOFR Index (as published by the NY Fed) as of 45 days before the day when the rate is changing.
Nothing being applied on the daily basis here.