10-Year Treasury Yield History: 1962–2026
The 10-year Treasury yield is the yield on US government debt maturing in a decade. It is the reference rate for the global bond market: mortgage rates, corporate credit spreads and equity risk premiums are all priced relative to it.
This page publishes the annual average history from 1962 to 2026. The series peaked at 13.92% in 1981 and hit its low of 0.89% in 2020. In 2026 it has averaged 4.53%, with the most recent close at 5.05% on 2026-10-28.
10-year Treasury yield by year, 1962–2026
| Year | Annual average | Change |
|---|---|---|
| 2026 (YTD) | 4.53% | +0.23 pp |
| 2025 | 4.29% | +0.09 pp |
| 2024 | 4.21% | +0.25 pp |
| 2023 | 3.96% | +1.01 pp |
| 2022 | 2.95% | +1.50 pp |
| 2021 | 1.45% | +0.56 pp |
| 2020 | 0.89% | −1.25 pp |
| 2019 | 2.14% | −0.77 pp |
| 2018 | 2.91% | +0.58 pp |
| 2017 | 2.33% | +0.49 pp |
| 2016 | 1.84% | −0.30 pp |
| 2015 | 2.14% | −0.40 pp |
| 2014 | 2.54% | +0.19 pp |
| 2013 | 2.35% | +0.55 pp |
| 2012 | 1.80% | −0.98 pp |
| 2011 | 2.78% | −0.43 pp |
| 2010 | 3.22% | −0.05 pp |
| 2009 | 3.26% | −0.40 pp |
| 2008 | 3.66% | −0.97 pp |
| 2007 | 4.63% | −0.16 pp |
| 2006 | 4.79% | +0.51 pp |
| 2005 | 4.29% | +0.02 pp |
| 2004 | 4.27% | +0.26 pp |
| 2003 | 4.01% | −0.60 pp |
| 2002 | 4.61% | −0.41 pp |
| 2001 | 5.02% | −1.01 pp |
| 2000 | 6.03% | +0.38 pp |
| 1999 | 5.65% | +0.38 pp |
| 1998 | 5.26% | −1.09 pp |
| 1997 | 6.35% | −0.09 pp |
| 1996 | 6.44% | −0.13 pp |
| 1995 | 6.57% | −0.51 pp |
| 1994 | 7.09% | +1.22 pp |
| 1993 | 5.87% | −1.14 pp |
| 1992 | 7.01% | −0.85 pp |
| 1991 | 7.86% | −0.69 pp |
| 1990 | 8.55% | +0.06 pp |
| 1989 | 8.49% | −0.35 pp |
| 1988 | 8.85% | +0.46 pp |
| 1987 | 8.39% | +0.72 pp |
| 1986 | 7.67% | −2.95 pp |
| 1985 | 10.62% | −1.84 pp |
| 1984 | 12.46% | +1.36 pp |
| 1983 | 11.10% | −1.90 pp |
| 1982 | 13.01% | −0.92 pp |
| 1981 | 13.92% | +2.49 pp |
| 1980 | 11.43% | +2.00 pp |
| 1979 | 9.43% | +1.02 pp |
| 1978 | 8.41% | +0.99 pp |
| 1977 | 7.42% | −0.20 pp |
| 1976 | 7.61% | −0.38 pp |
| 1975 | 7.99% | +0.43 pp |
| 1974 | 7.56% | +0.71 pp |
| 1973 | 6.85% | +0.64 pp |
| 1972 | 6.21% | +0.05 pp |
| 1971 | 6.16% | −1.19 pp |
| 1970 | 7.35% | +0.68 pp |
| 1969 | 6.67% | +1.03 pp |
| 1968 | 5.64% | +0.57 pp |
| 1967 | 5.07% | +0.15 pp |
| 1966 | 4.93% | +0.64 pp |
| 1965 | 4.28% | +0.10 pp |
| 1964 | 4.19% | +0.19 pp |
| 1963 | 4.00% | +0.06 pp |
| 1962 | 3.95% | — |
What drives the benchmark
A four-decade bull market, then a regime change. Yields fell from 13.92% in 1981 to 0.89% in 2020 — a 40-year decline that made duration the most profitable trade in fixed income. The 2022–2026 period reversed part of that: the annual average has climbed from 1.45% to 4.53%.
Term premium is back. For most of the 2010s the yield sat below the expected path of short rates, meaning investors accepted a negative term premium for safety and liquidity. Since 2023 that premium has turned positive as Treasury supply grew and inflation uncertainty persisted — a structural shift that raises the floor under long-end yields.
Curve shape carries the signal. The spread between 2-year and 10-year yields has inverted before every US recession since the 1970s. Watching the 10-year against the front end is therefore more informative than the absolute level alone, which is heavily influenced by where the Federal Reserve has set the funds rate.
Frequently asked questions
What is the 10-year Treasury yield today?
The most recent close is 5.05% on 2026-10-28. The 2026 annual average is 4.53%.
Why does the 10-year yield matter?
It is the discount rate behind mortgage pricing, corporate bond issuance and equity valuation. A move of 100 basis points in the 10-year typically shifts 30-year mortgage rates by a similar amount.
What was the highest 10-year Treasury yield ever?
The annual average peaked at 13.92% in 1981. Intraday yields in that period briefly exceeded 15%.
Source and method
All figures on this page are computed at build time from the 10-Year Treasury Constant Maturity Rate series (FRED identifier DGS10) published by the Board of Governors of the Federal Reserve System and distributed by the Federal Reserve Bank of St. Louis. Annual figures are averages of the underlying observations; growth and inflation rates are year-over-year changes of those annual averages. Where a year is incomplete the figure is labelled YTD.
Data retrieved 2026-10-30. Raw series: FRED — 10-Year Treasury Constant Maturity Rate. Chart and table code licensed CC BY 4.0 — reuse freely with attribution to CapitalWire.
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