United States · Interest rates · Treasury yields
10-year Treasury yield history.
Annual averages of the 10-year Treasury constant maturity yield, the benchmark behind mortgage rates and long-term borrowing, from 1954 to 2026, with each year’s change in basis points and the monthly path of the last two years.
Short answer: The 10-year Treasury yield averaged 4.29% in 2025 and 4.21% in 2024. Over January to October 2026 the monthly averages ran from 4.13% in February to 5.13% in October, a mean of 4.53%, and the H.15 release of November 10, 2026 shows 4.88% for November 9. The highest annual average is 13.91% in 1981 and the lowest is 0.89% in 2020.
Compare two years
Result
Press Compare to see both annual averages and the change in basis points.
10-year Treasury yield by year, 1954 to 2026
| Year | Annual average yield | Change from the year before (points) |
|---|---|---|
| 2026 (Jan to Oct) | 4.53% | +0.24 |
| 2025 | 4.29% | +0.08 |
| 2024 | 4.21% | +0.25 |
| 2023 | 3.96% | +1.01 |
| 2022 | 2.95% | +1.51 |
| 2021 | 1.44% | +0.55 |
| 2020 | 0.89% | -1.25 |
| 2019 | 2.14% | -0.77 |
| 2018 | 2.91% | +0.58 |
| 2017 | 2.33% | +0.49 |
| 2016 | 1.84% | -0.30 |
| 2015 | 2.14% | -0.40 |
| 2014 | 2.54% | +0.19 |
| 2013 | 2.35% | +0.55 |
| 2012 | 1.80% | -0.99 |
| 2011 | 2.79% | -0.42 |
| 2010 | 3.21% | -0.05 |
| 2009 | 3.26% | -0.41 |
| 2008 | 3.67% | -0.96 |
| 2007 | 4.63% | -0.16 |
| 2006 | 4.79% | +0.50 |
| 2005 | 4.29% | +0.02 |
| 2004 | 4.27% | +0.25 |
| 2003 | 4.02% | -0.59 |
| 2002 | 4.61% | -0.41 |
| 2001 | 5.02% | -1.01 |
| 2000 | 6.03% | +0.39 |
| 1999 | 5.64% | +0.38 |
| 1998 | 5.26% | -1.09 |
| 1997 | 6.35% | -0.09 |
| 1996 | 6.44% | -0.14 |
| 1995 | 6.58% | -0.50 |
| 1994 | 7.08% | +1.21 |
| 1993 | 5.87% | -1.14 |
| 1992 | 7.01% | -0.85 |
| 1991 | 7.86% | -0.69 |
| 1990 | 8.55% | +0.05 |
| 1989 | 8.50% | -0.35 |
| 1988 | 8.85% | +0.47 |
| 1987 | 8.38% | +0.70 |
| 1986 | 7.68% | -2.94 |
| 1985 | 10.62% | -1.82 |
| 1984 | 12.44% | +1.33 |
| 1983 | 11.11% | -1.89 |
| 1982 | 13.00% | -0.91 |
| 1981 | 13.91% | +2.45 |
| 1980 | 11.46% | +2.02 |
| 1979 | 9.44% | +1.03 |
| 1978 | 8.41% | +0.99 |
| 1977 | 7.42% | -0.19 |
| 1976 | 7.61% | -0.38 |
| 1975 | 7.99% | +0.43 |
| 1974 | 7.56% | +0.72 |
| 1973 | 6.84% | +0.63 |
| 1972 | 6.21% | +0.05 |
| 1971 | 6.16% | -1.19 |
| 1970 | 7.35% | +0.68 |
| 1969 | 6.67% | +1.02 |
| 1968 | 5.65% | +0.58 |
| 1967 | 5.07% | +0.15 |
| 1966 | 4.92% | +0.64 |
| 1965 | 4.28% | +0.09 |
| 1964 | 4.19% | +0.19 |
| 1963 | 4.00% | +0.05 |
| 1962 | 3.95% | +0.07 |
| 1961 | 3.88% | -0.24 |
| 1960 | 4.12% | -0.21 |
| 1959 | 4.33% | +1.01 |
| 1958 | 3.32% | -0.33 |
| 1957 | 3.65% | +0.47 |
| 1956 | 3.18% | +0.36 |
| 1955 | 2.82% | +0.42 |
| 1954 | 2.40% |
Each figure is the average of business-day yields for the year, as the Federal Reserve computes it. The yield rose from 2.40% in 1954 to a 13.91% peak in 1981, fell through three decades to 1.80% in 2012 and 0.89% in 2020, and has averaged above 3.9% every year since 2023.
Monthly averages, 2025 and 2026
| Month | Average yield |
|---|---|
| January 2026 | 4.21% |
| February 2026 | 4.13% |
| March 2026 | 4.25% |
| April 2026 | 4.32% |
| May 2026 | 4.48% |
| June 2026 | 4.47% |
| July 2026 | 4.60% |
| August 2026 | 4.68% |
| September 2026 | 4.99% |
| October 2026 | 5.13% |
| January 2025 | 4.63% |
| February 2025 | 4.45% |
| March 2025 | 4.28% |
| April 2025 | 4.28% |
| May 2025 | 4.42% |
| June 2025 | 4.38% |
| July 2025 | 4.39% |
| August 2025 | 4.26% |
| September 2025 | 4.12% |
| October 2025 | 4.06% |
| November 2025 | 4.09% |
| December 2025 | 4.14% |
The 2026 row in the first table is the mean of the ten monthly averages published so far; the full-year figure will differ once November and December are in. For the current week, the H.15 release of November 10, 2026 lists 4.95% (November 3), 4.90%, 4.84%, 4.86% and 4.88% (November 9).
Worked example
From 2020 to 2025 the annual average rose from 0.89% to 4.29%, a change of +3.40 percentage points or 340 basis points. From the 1981 peak of 13.91% to the 2012 low of 1.80% the move was -1211 basis points. One basis point is one hundredth of a percentage point, so a yield that moves from 4.29% to 4.53% has risen 24 basis points.
Method
Annual averages were downloaded from FRED series GS10 on November 11, 2026 with annual aggregation set to the average; FRED carries the Federal Reserve’s H.15 10-year constant maturity series, which the Federal Reserve describes as yields read from the Treasury yield curve at fixed maturities, with weekly, monthly and annual rates being averages of business days. The 2026 figure is derived here from the January to October monthly averages. The comparison subtracts one average from the other.
What this does not cover
- Daily closing yields and the Treasury’s own par yield curve, which this page does not reproduce.
- Real yields on Treasury Inflation-Protected Securities, and the 2-year, 5-year and 30-year maturities.
- Bond prices and total returns, which move inversely to yield and depend on coupon and duration.
Figures read from the sources below on November 11, 2026. Last updated November 11, 2026.
Sources
- Federal Reserve H.15 Selected Interest Rates, release of November 10, 2026 (daily 10-year constant maturity yields and series description) (retrieved November 11, 2026)
- FRED series GS10, 10-year Treasury constant maturity, annual averages 1954 to 2025 (CSV download) (retrieved November 11, 2026)
- FRED series GS10, monthly averages January 2025 to October 2026 (CSV download) (retrieved November 11, 2026)
Common mix-ups
-
Often assumedThe annual 10-year Treasury yield is the yield on the last trading day of the year.
What the source saysThe H.15 release states that weekly, monthly and annual rates are averages of business days, so a year’s figure is the mean of every trading day, not a year-end reading. [1]
-
Often assumedThe 10-year constant maturity yield is the quoted yield of one specific Treasury note.
What the source saysThe H.15 describes constant maturity values as yields read from the Treasury yield curve at fixed maturities, interpolated so the maturity is always exactly ten years. [1]
-
Often assumedWhen the Federal Reserve cuts rates the 10-year yield falls by the same amount.
What the source saysThe H.15 lists the federal funds rate and Treasury constant maturity yields as separate series; the 10-year figure is a market yield and in November 2026 it ranged from 4.84% to 4.95% in a single week. [1]
Checked against these sources on .
Frequently asked questions
What is the 10-year Treasury yield right now?
The Federal Reserve H.15 release of November 10, 2026 shows the 10-year constant maturity yield at 4.88% for November 9, 2026, after 4.95% on November 3.
What was the average 10-year yield in 2025?
The annual average for 2025 is 4.29%, up from 4.21% in 2024 and 3.96% in 2023.
What is the 2026 average so far?
The mean of the January to October 2026 monthly averages is 4.53%, with October 2026 at 5.13% the highest month of the year.
When was the 10-year yield highest?
The highest annual average in the series is 13.91% in 1981, followed by 13.00% in 1982 and 12.44% in 1984.
When was the 10-year yield lowest?
The lowest annual average is 0.89% in 2020, followed by 1.44% in 2021 and 1.80% in 2012.
What does constant maturity mean?
The Federal Reserve reads the yield from the Treasury yield curve at a fixed maturity of exactly 10 years each business day, rather than quoting a single bond whose remaining term shortens over time.
Does the Federal Reserve set the 10-year yield?
No. The FOMC sets a target for the overnight federal funds rate. The 10-year yield is a market rate read from the Treasury yield curve, which is why it can rise while the policy rate falls.
How is the annual average calculated?
It is the average of the business-day yields in the year, per the H.15 note that weekly, monthly and annual rates are averages of business days. The 2026 figure here is the mean of ten monthly averages, so it is provisional.
Not financial advice
This page is general information from an unofficial guide, not investment, financial or legal advice. Yields are averages published by the Federal Reserve and FRED on the date shown and change daily. Nothing you type is sent anywhere. It runs in your browser.