10-year Treasury yield (constant maturity), United States
The 10-year Treasury yield in the United States was 4.99% in , up 0.31 pp from and up 0.87 pp from a year earlier. Over the latest 12 readings it moved between 4.06% and 4.99%. The next reading is for October 2026. Source: Federal Reserve Board, H.15; history from .
Key takeaways
- The 10-year Treasury yield at 4.99% in beats 98% of readings since (Federal Reserve Board).
- Against a ten-year average of 2.89%, the 10-year Treasury yield is above that norm by 2.10 pp (Federal Reserve Board).
- On the 10-year Treasury yield, the United States ranks 3rd highest of 4 countries (national publishers).
What this indicator is and why it matters
The 10-year Treasury yield is the annual return an investor earns by buying a US government note with ten years left to maturity and holding it to the end. The Federal Reserve publishes it in its H.15 release as a constant-maturity yield: the US Treasury estimates the yield a note of exactly ten years would carry from a curve fitted to actively traded securities. The series here is the monthly average of those daily readings.
It is the reference rate for long-term borrowing in the United States. Thirty-year mortgage rates tend to move with it, corporate bonds are priced as a spread over it, and banks feel it through the fixed-rate securities they hold: when the yield rises, the market value of those securities falls, which is what drives the unrealized losses shown on the bank pages of this site.
Two cautions when reading it. The yield mixes expectations for the Federal Reserve's policy rate over the next decade with a term premium, the extra return investors ask for lending for longer, so a rise does not always mean markets expect higher policy rates. And a monthly average smooths the daily path; a quiet-looking month can hide a large swing within it.
Where it sits in history
The 10-year Treasury yield is at its highest since , when it stood at 5.00%. Within ten years, the 10-year Treasury yield beats 100% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 98% of readings | 2.96% | 5.11% | 0.62% |
| Last ten years | 100% of readings | 2.89% | 4.99% | 0.62% |
| Last five years | 100% of readings | 3.79% | 4.99% | 1.37% |
- 10-year Treasury yield (constant maturity) 5.0%
Recent readings
Last five years
- 10-year Treasury yield (constant maturity) 5.0%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 4.99% | +0.31 pp | |
| 4.68% | +0.08 pp | |
| 4.60% | +0.13 pp | |
| 4.47% | -0.01 pp | |
| 4.48% | +0.16 pp | |
| 4.32% | +0.07 pp | |
| 4.25% | +0.12 pp | |
| 4.13% | -0.08 pp | |
| 4.21% | +0.07 pp | |
| 4.14% | +0.05 pp | |
| 4.09% | +0.03 pp | |
| 4.06% | -0.06 pp | |
| 4.12% | -0.14 pp |
Annual averages
By calendar-year average, the 10-year Treasury yield peaked in (4.79%) and bottomed in (0.89%). 2026 to date: 4.46%, after 4.29% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 4.46% | 4.13% | 4.99% | 9 |
| 2025 | 4.29% | 4.06% | 4.63% | 12 |
| 2024 | 4.21% | 3.72% | 4.54% | 12 |
| 2023 | 3.96% | 3.46% | 4.80% | 12 |
| 2022 | 2.95% | 1.76% | 3.98% | 12 |
| 2021 | 1.44% | 1.08% | 1.64% | 12 |
| 2020 | 0.89% | 0.62% | 1.76% | 12 |
| 2019 | 2.14% | 1.63% | 2.71% | 12 |
| 2018 | 2.91% | 2.58% | 3.15% | 12 |
| 2017 | 2.33% | 2.19% | 2.48% | 12 |
| 2016 | 1.84% | 1.50% | 2.49% | 12 |
| 2015 | 2.14% | 1.88% | 2.36% | 12 |
| 2014 | 2.54% | 2.21% | 2.86% | 12 |
| 2013 | 2.35% | 1.76% | 2.90% | 12 |
| 2012 | 1.80% | 1.53% | 2.17% | 12 |
| 2011 | 2.79% | 1.98% | 3.58% | 12 |
| 2010 | 3.21% | 2.54% | 3.85% | 12 |
| 2009 | 3.26% | 2.52% | 3.72% | 12 |
| 2008 | 3.67% | 2.42% | 4.10% | 12 |
| 2007 | 4.63% | 4.10% | 5.10% | 12 |
| 2006 | 4.79% | 4.42% | 5.11% | 12 |
Same measure in other countries
The 10-year Treasury yield in the United States is above 1 of the other 3 comparable readings. Four countries compared.
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United States | 10-year Treasury yield (constant maturity) | 4.99% | +0.87 pp | |
| Canada | Government of Canada 10-year benchmark bond yield | 3.88% | September 2026 | +0.66 pp |
| Australia | Australian Government 10-year bond yield | 5.28% | September 2026 | +0.99 pp |
| United Kingdom | 10-year gilt yield (nominal par) | 5.37% | September 2026 | +0.68 pp |
Compared with the 2-year Treasury yield
The gap between the 10-year Treasury yield and the 2-year Treasury yield was 0.34 pp in , an upward-sloping curve. A year earlier, in , the figure was 0.55 pp. Five-year range: -0.93 pp () to 1.19 pp ().
- 10-year Treasury yield (constant maturity) 5.0%
- 2-year Treasury yield (constant maturity) 4.7%
Link to US banks
When the 10-year Treasury yield rises, the market value of the fixed-rate securities banks hold falls. Across all FDIC-insured institutions, unrealized losses on debt securities came to $326.7 bn at Q2 2026 (how the total is calculated), against the 10-year Treasury yield of 4.99% in September 2026. Each bank profile shows its own unrealized gains and losses.
Source: FDIC BankFind Suite (Call Report data). EconoMonitor is not affiliated with or endorsed by the FDIC.
How is it measured?
Monthly average of the 10-year Treasury constant maturity yield.
Federal Reserve Board publishes the 10-year Treasury yield monthly in H.15, in percent. Code: RIFLGFCY10_N.M. Monthly basis: each month shows the average of the daily values in that month. Method for the 10-year Treasury yield.
Questions
How high is the 10-year Treasury yield in the United States now?
4.99% in (Federal Reserve Board), up 0.87 pp on a year earlier.
Is the 10-year Treasury yield high by historical standards?
The 10-year Treasury yield beats 98% of readings since ; its peak was 5.11% (), its low 0.62% ().
When is the 10-year Treasury yield updated?
Monthly, in H.15. Next reading: October 2026.
Where can I check the 10-year Treasury yield at the source?
Federal Reserve Board data, code RIFLGFCY10_N.M.