10-Year Treasury par yield
4.98%
down 7 basis points vs Oct 28, 2026
Observation date:
- 1 week ago
- 4.96%up 2 basis points Oct 22, 2026
- 1 month ago
- 5.26%down 28 basis points Sep 29, 2026
- 1 year ago
- 4.08%up 90 basis points Oct 29, 2025
- 52-week high
- 5.31%Oct 5, 2026
- 52-week low
- 3.97%Feb 27, 2026
10-Year Treasury yield history
Loading chart…
| Month | Last observation | Yield | Change |
|---|---|---|---|
| Oct 2026 | 4.98% | −31 bp | |
| Sep 2026 | 5.29% | +54 bp | |
| Aug 2026 | 4.75% | 0 bp | |
| Jul 2026 | 4.75% | +31 bp | |
| Jun 2026 | 4.44% | −1 bp | |
| May 2026 | 4.45% | +5 bp | |
| Apr 2026 | 4.40% | +10 bp | |
| Mar 2026 | 4.30% | +33 bp | |
| Feb 2026 | 3.97% | −29 bp | |
| Jan 2026 | 4.26% | +8 bp | |
| Dec 2025 | 4.18% | +16 bp | |
| Nov 2025 | 4.02% | −9 bp |
| Year | Year end | Average | High | Low |
|---|---|---|---|---|
| 2026 (to date) | 4.98% | 4.53% | 5.31% | 3.97% |
| 2025 | 4.18% | 4.29% | 4.79% | 3.97% |
| 2024 | 4.58% | 4.21% | 4.70% | 3.63% |
| 2023 | 3.88% | 3.96% | 4.98% | 3.30% |
| 2022 | 3.88% | 2.95% | 4.25% | 1.63% |
| 2021 | 1.52% | 1.45% | 1.74% | 0.93% |
| 2020 | 0.93% | 0.89% | 1.88% | 0.52% |
| 2019 | 1.92% | 2.14% | 2.79% | 1.47% |
| 2018 | 2.69% | 2.91% | 3.24% | 2.44% |
| 2017 | 2.40% | 2.33% | 2.62% | 2.05% |
Month-end and year-end values are the last Treasury observation in each period. Averages are simple averages of daily observations; the current year is partial.
Source: U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates. Latest observation: . Last checked: Oct 29, 2026 6:09 pm ET. How we use this data.
What the 10-year Treasury yield represents
The 10-year Treasury yield is the annual return the market demands for lending money to the U.S. government for ten years. The figure on this page is the Treasury’s 10-year par yield curve rate: the yield a newly issued 10-year Treasury note would need to carry to trade at exactly its face value (par), based on closing market prices for recently auctioned Treasury securities. Because it is read off a fitted curve at a fixed maturity, it is sometimes called the 10-year constant maturity Treasury rate.
It is the most widely quoted interest rate in the world for a simple reason: ten years sits between short-term rates, which are anchored by Federal Reserve policy, and very long-term rates, which carry more uncertainty. Investors, lenders and economists use it as a reference point for the cost of long-term money in the United States.
What moves the 10-year yield
No single factor sets the 10-year yield. It reflects the combined view of buyers and sellers about the next decade. The main forces are:
- Expected short-term interest rates. A 10-year note competes with rolling over short-term investments for ten years. If markets expect the Federal Reserve to keep its policy rate high, the 10-year yield tends to be higher, and vice versa.
- Inflation expectations. Investors want a return above expected inflation. Rising expectations for inflation generally push nominal yields up.
- The term premium. Lenders usually want extra compensation for locking money up for longer and for the risk that rates move against them. This premium changes over time and cannot be observed directly.
- Economic growth. Stronger growth often coincides with higher yields; weaker growth or recession fears often coincide with lower yields as investors seek safe assets.
- Supply and demand for Treasuries. The size of government borrowing, demand from foreign investors, banks, pension funds and the Federal Reserve’s own holdings all affect prices, and therefore yields.
- Global events. During periods of market stress, Treasuries are often bought as a safe haven, which pushes prices up and yields down.
Remember the inverse relationship: when bond prices rise, yields fall, and when prices fall, yields rise. A “higher 10-year yield” headline means existing 10-year notes became cheaper.
How the 10-year compares with other maturities
The panel near the top of this page compares the latest 10-year yield with the 3-month bill rate, the 2-year yield and the 30-year yield. Two of these differences are watched closely:
- 10-year minus 2-year compares long-term rates with rates that are sensitive to expected Federal Reserve policy over the next two years.
- 10-year minus 3-month compares long-term rates with current money-market rates.
When either difference turns negative, that part of the yield curve is inverted. You can chart any pair, including how long past inversions lasted, with the Treasury Spread Calculator. To see every maturity at once, open the Treasury rates dashboard.
Why the 10-year yield matters outside the bond market
- Mortgage rates. Rates on 30-year fixed mortgages tend to move in the same direction as the 10-year Treasury yield, because most mortgages are repaid or refinanced well before 30 years. The two do not move one-for-one: lenders add a spread that changes with credit conditions and demand for mortgage securities.
- Corporate and municipal borrowing. Many long-term loans and bonds are priced as a spread over a Treasury yield of similar maturity.
- Valuations. Analysts often use long-term Treasury yields as the “risk-free” starting point when valuing stocks and other assets, so large moves in the 10-year can ripple through other markets.
Key terms on this page
- Par yield
- The coupon rate at which a bond would be priced at exactly its face value. Treasury publishes its daily curve on this basis.
- Basis point (bp)
- One hundredth of a percentage point. A move from 4.20% to 4.25% is 5 basis points. See What Are Basis Points?
- Observation date
- The business day the rate describes. The Treasury publishes each day’s rates late that day; we show the date with every number.
- Spread
- The difference between two yields, usually quoted in basis points.
Related tools and guides
- Historical Treasury rates explorer: choose any date range back to 1990 and download the values as CSV.
- Treasury Spread Calculator: compare the 10-year with any other maturity.
- What Is the 10-Year Treasury Yield?: a longer, plain-English guide.
- What Is a Treasury Yield Curve?
Sources
- U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates.
- U.S. Department of the Treasury, Daily Treasury interest rate XML feed (the feed this site imports).
- Our data sources and methodology.
Frequently asked questions
Is the 10-year yield the same as the coupon on a 10-year Treasury note?
Not usually. A note’s coupon is fixed when it is auctioned. Its market yield changes every day as its price changes. The par yield shown here estimates the coupon a brand-new 10-year note would need today to sell at face value.
Why is the number here different from the one my brokerage app shows?
Brokerage apps often show a live, intraday yield for one specific note. This page shows the Treasury’s official end-of-day par yield curve rate for a constant 10-year maturity. Different times of day and different methods produce small differences.
How often is this page updated?
The Treasury publishes new rates on each business day when the bond market is open. We check for new data several times on publication days. The observation date is always shown, and a notice appears if expected data is late.
If the 10-year yield goes up, do bond prices go down?
Yes. Yields and prices move in opposite directions. When the yield on existing 10-year notes rises, their market price falls, and the opposite happens when yields fall.
Can I buy a 10-year Treasury note at this yield?
You can buy 10-year notes at Treasury auctions, either through TreasuryDirect or a broker, or on the secondary market through a broker. The yield you receive depends on the price on the day you buy, so it may differ from the figure shown here.
Does an inverted curve involving the 10-year mean a recession is coming?
Not necessarily. Inversions of the 10-year versus shorter maturities have come before several past U.S. recessions, but the timing has varied widely and an inversion is not a guarantee of any outcome. It is one signal among many.