5-Year Treasury par yield
4.78%
down 7 basis points vs Oct 28, 2026
Observation date:
- 1 week ago
- 4.78%unchanged Oct 22, 2026
- 1 month ago
- 5.06%down 28 basis points Sep 29, 2026
- 1 year ago
- 3.70%up 108 basis points Oct 29, 2025
- 52-week high
- 5.09%Sep 30, 2026
- 52-week low
- 3.51%Feb 27, 2026
5-Year Treasury yield history
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| Month | Last observation | Yield | Change |
|---|---|---|---|
| Oct 2026 | 4.78% | −31 bp | |
| Sep 2026 | 5.09% | +60 bp | |
| Aug 2026 | 4.49% | +4 bp | |
| Jul 2026 | 4.45% | +26 bp | |
| Jun 2026 | 4.19% | +6 bp | |
| May 2026 | 4.13% | +11 bp | |
| Apr 2026 | 4.02% | +10 bp | |
| Mar 2026 | 3.92% | +41 bp | |
| Feb 2026 | 3.51% | −28 bp | |
| Jan 2026 | 3.79% | +6 bp | |
| Dec 2025 | 3.73% | +14 bp | |
| Nov 2025 | 3.59% | −12 bp |
| Year | Year end | Average | High | Low |
|---|---|---|---|---|
| 2026 (to date) | 4.78% | 4.21% | 5.09% | 3.51% |
| 2025 | 3.73% | 3.92% | 4.61% | 3.55% |
| 2024 | 4.38% | 4.13% | 4.72% | 3.41% |
| 2023 | 3.84% | 4.06% | 4.95% | 3.29% |
| 2022 | 3.99% | 3.00% | 4.45% | 1.37% |
| 2021 | 1.26% | 0.86% | 1.34% | 0.36% |
| 2020 | 0.36% | 0.53% | 1.67% | 0.19% |
| 2019 | 1.69% | 1.95% | 2.62% | 1.32% |
| 2018 | 2.51% | 2.75% | 3.09% | 2.25% |
| 2017 | 2.20% | 1.91% | 2.26% | 1.63% |
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 5-year Treasury yield represents
The 5-year Treasury yield is the annual return investors require to lend to the U.S. government for five years. The rate shown here is the Treasury’s 5-year par yield curve rate, calculated from end-of-day market prices and expressed as the coupon a new 5-year note would need to sell at face value.
Market participants often call the 2- to 7-year range the “belly” of the yield curve. The 5-year sits in the middle of it, so it blends two influences: expectations for Federal Reserve policy over the next few years, which dominate the 2-year, and longer-run views on growth and inflation, which matter more for the 10- and 30-year.
What moves the 5-year yield
- The expected path of interest rates. Five years covers several possible policy cycles, so the 5-year responds to how long markets think rates will stay high or low, not only to the next move.
- Medium-term inflation expectations. Investors need a return above the inflation they expect over the period.
- Economic outlook. Shifts in expected growth and unemployment change both rate expectations and demand for safe assets.
- Supply and demand. The Treasury auctions 5-year notes every month; the size of auctions and the strength of demand affect prices.
The 5-year and inflation expectations
The Treasury also publishes yields for Treasury Inflation-Protected Securities (TIPS), which pay a “real” yield on top of inflation adjustments. The gap between the ordinary (nominal) 5-year yield and the 5-year TIPS real yield is often called the 5-year breakeven inflation rate. It is a rough, market-based gauge of average inflation expected over five years. It is not a forecast, and it also contains risk and liquidity premiums. This site currently shows nominal yields only.
Where intermediate rates show up in everyday finance
Lenders price many medium-term loans with reference to intermediate market rates. Rates on auto loans and on adjustable-rate mortgages with a five-year fixed period, for example, are influenced by the general level of intermediate-term rates, though each lender adds its own margin. Savers comparing a 5-year CD with a 5-year Treasury note should look at after-tax returns: Treasury interest is exempt from state and local income tax.
Comparing the 5-year with nearby maturities
The comparison panel above shows how the 5-year stands against the 2-year, 10-year and 30-year yields. A 5-year yield below both the 2-year and the 10-year is a sign of a “humped” or partly inverted curve, where the middle sits lower than the ends. Explore the full shape on the Treasury rates dashboard.
Key terms
- Nominal yield
- A yield that has not been adjusted for inflation, such as the rates on this page.
- Real yield
- A yield above inflation, such as the yield on TIPS.
- Breakeven inflation
- The nominal yield minus the real yield of the same maturity.
Related tools and guides
- Compare the 5-year with any maturity
- Download historical 5-year yields
- What Is a Treasury Yield?
- How Treasury Rates Differ from Savings Account Rates
Sources
- U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates.
- Our data sources and methodology.
Frequently asked questions
Why do analysts call the 5-year the “belly” of the curve?
Picture the yield curve as a line from the shortest to the longest maturity. The middle section, roughly two to seven years, is the belly, and the 5-year sits near its center.
Is the 5-year yield a forecast of interest rates?
No. It reflects what investors are willing to accept today, which includes their expectations for future short-term rates plus extra compensation for risk. It can change quickly when expectations change.
Why might the 5-year yield be lower than the 2-year?
When investors expect short-term rates to fall over the next few years, they may accept a lower yield for five years than for two. That makes the curve partly inverted between those maturities.
How is the 5-year yield different from a 5-year TIPS yield?
The 5-year yield shown here is nominal: it does not adjust for inflation. TIPS pay a real yield and adjust their principal for inflation. The difference between the two is the breakeven inflation rate.
How current is this rate?
It is the most recent end-of-day rate the Treasury has published. The observation date appears next to the rate, and a notice appears if newer data is overdue.