Interest on the National Debt · Average Interest Rates

Average Interest Rate on the National Debt

Monthly Treasury data with the full history and fiscal-year comparisons.

Data through: · 309 months since January 2001

Latest month: September 2026

All Debt, Sep 2026

3.531%

3.363% a year earlier

Marketable Debt

3.518%

non-marketable 3.592%

Record Low

1.556%

January 2022

High Since 2001

6.594%

January 2001

In September 2026 the average interest rate on all US interest-bearing debt was 3.531%, against 3.363% a year earlier, and up from the record low of 1.556% in January 2022. The high of the record since January 2001 is 6.594%, in January 2001.

Average rate on the debt, by class

Treasury's weighted average rate on the debt outstanding at each month end. The average changes with issuance and refinancing. Debt composition also matters, and outstanding floating-rate notes reset weekly.

● all interest-bearing debt · ┅ marketable debt · ● treasury bills · ● treasury notes · ● treasury bonds

By fiscal year

Rates in percent at each fiscal year-end (September), not annual averages. An incomplete fiscal year uses its latest month, labeled below.
Fiscal yearAll interest-bearing debtMarketableBillsNotesBondsTIPSFRN
FY2026year-end Sep 20263.531%3.518%3.870%3.383%3.466%1.149%4.141%
FY2025year-end Sep 20253.363%3.406%4.187%3.112%3.327%0.909%4.034%
FY2024year-end Sep 20243.324%3.392%5.154%2.730%3.196%0.747%4.728%
FY2023year-end Sep 20232.970%3.016%5.380%2.106%3.051%0.592%4.979%
FY2022year-end Sep 20222.070%1.994%2.453%1.590%3.001%0.464%3.309%
FY2021year-end Sep 20211.605%1.470%0.053%1.450%3.124%0.492%0.435%
FY2020year-end Sep 20201.772%1.635%0.179%1.858%3.490%0.677%0.261%
FY2019year-end Sep 20192.492%2.436%2.136%2.163%3.892%0.786%2.008%
FY2018year-end Sep 20182.494%2.365%2.118%2.021%4.090%0.797%2.248%
FY2017year-end Sep 20172.284%2.094%1.071%1.832%4.208%0.771%1.208%
FY2016year-end Sep 20162.232%1.996%0.400%1.785%4.429%0.783%0.398%
FY2015year-end Sep 20152.350%2.043%0.136%1.822%4.673%0.847%0.088%
FY2014year-end Sep 20142.401%2.037%0.057%1.805%4.934%0.937%0.076%
FY2013year-end Sep 20132.430%1.981%0.074%1.808%5.101%1.084%n/a
FY2012year-end Sep 20122.588%2.103%0.131%1.999%5.357%1.405%n/a
FY2011year-end Sep 20112.886%2.326%0.093%2.291%5.769%1.914%n/a
FY2010year-end Sep 20103.052%2.401%0.208%2.550%6.081%2.157%n/a
FY2009year-end Sep 20093.347%2.584%0.347%3.043%6.568%2.320%n/a
FY2008year-end Sep 20084.188%3.665%1.607%4.065%7.095%2.393%n/a
FY2007year-end Sep 20075.009%4.904%4.659%4.414%7.457%2.560%n/a
FY2006year-end Sep 20065.022%4.868%5.069%4.181%7.652%2.624%n/a
FY2005year-end Sep 20054.704%4.239%3.449%3.729%7.892%2.692%n/a
FY2004year-end Sep 20044.517%3.710%1.579%3.537%8.077%n/an/a
FY2003year-end Sep 20034.654%3.822%1.008%3.851%8.209%n/an/a
FY2002year-end Sep 20025.298%4.629%1.748%4.807%8.270%n/an/a
FY2001year-end Sep 20016.064%5.820%3.482%5.908%8.315%n/an/a

n/a means Treasury did not report that class for the selected month.

Every month since January 2001

Average interest rates by class, the 24 most recent months
MonthAll interest-bearingMarketableNon-marketablebillsnotesbondsTIPSFloating rate notes
3.531%3.518%3.592%3.870%3.383%3.466%1.149%4.141%
3.490%3.475%3.559%3.788%3.345%3.453%1.134%3.845%
3.447%3.443%3.463%3.758%3.309%3.442%1.127%3.948%
3.409%3.411%3.399%3.706%3.283%3.430%1.090%3.512%
3.353%3.386%3.201%3.690%3.248%3.413%1.079%3.563%
3.340%3.373%3.191%3.696%3.230%3.403%1.068%3.764%
3.327%3.365%3.154%3.702%3.212%3.392%0.999%3.628%
3.320%3.355%3.161%3.720%3.190%3.377%0.990%3.748%
3.316%3.348%3.175%3.760%3.169%3.369%0.983%3.744%
3.324%3.362%3.159%3.860%3.157%3.360%0.978%3.559%
3.348%3.382%3.201%3.983%3.133%3.346%0.972%3.965%
3.355%3.393%3.186%4.075%3.124%3.338%0.964%3.901%
3.363%3.406%3.173%4.187%3.112%3.327%0.909%4.034%
3.372%3.415%3.185%4.283%3.087%3.311%0.901%4.303%
3.352%3.399%3.151%4.314%3.073%3.309%0.894%4.407%
3.304%3.375%2.983%4.306%3.048%3.297%0.875%4.366%
3.294%3.362%2.993%4.316%3.008%3.278%0.865%4.427%
3.289%3.354%2.999%4.335%2.990%3.267%0.853%4.398%
3.284%3.347%3.000%4.359%2.963%3.254%0.812%4.362%
3.282%3.346%2.995%4.399%2.932%3.243%0.801%4.370%
3.282%3.337%3.045%4.455%2.891%3.236%0.793%4.374%
3.280%3.336%3.046%4.586%2.851%3.222%0.797%4.424%
3.298%3.355%3.057%4.741%2.793%3.207%0.783%4.601%
3.302%3.363%3.051%4.901%2.766%3.205%0.773%4.677%

Treasury's weighted average interest rate on the debt outstanding at month end, by class, as published. All debt = total interest-bearing debt. TIPS is reported from October 2004 and floating rate notes from January 2014.

Show 285 earlier months, back to January 2001+
Earlier months
MonthAll interest-bearing debt
Sep 20243.324%
Aug 20243.348%
Jul 20243.331%
Jun 20243.281%
May 20243.266%
Apr 20243.234%
Mar 20243.216%
Feb 20243.195%
Jan 20243.153%
Dec 20233.113%
Nov 20233.103%
Oct 20233.052%
Sep 20232.970%
Aug 20232.921%
Jul 20232.841%
Jun 20232.761%
May 20232.667%
Apr 20232.585%
Mar 20232.566%
Feb 20232.517%
Jan 20232.455%
Dec 20222.362%
Nov 20222.217%
Oct 20222.186%
Sep 20222.070%
Aug 20221.971%
Jul 20221.884%
Jun 20221.800%
May 20221.734%
Apr 20221.659%
Mar 20221.608%
Feb 20221.568%
Jan 20221.556%
Dec 20211.565%
Nov 20211.577%
Oct 20211.592%
Sep 20211.605%
Aug 20211.595%
Jul 20211.613%
Jun 20211.609%
May 20211.647%
Apr 20211.653%
Mar 20211.656%
Feb 20211.664%
Jan 20211.687%
Dec 20201.695%
Nov 20201.723%
Oct 20201.761%
Sep 20201.772%
Aug 20201.795%
Jul 20201.842%
Jun 20201.875%
May 20201.983%
Apr 20202.087%
Mar 20202.291%
Feb 20202.394%
Jan 20202.418%
Dec 20192.429%
Nov 20192.444%
Oct 20192.464%
Sep 20192.492%
Aug 20192.525%
Jul 20192.554%
Jun 20192.567%
May 20192.593%
Apr 20192.594%
Mar 20192.590%
Feb 20192.581%
Jan 20192.574%
Dec 20182.560%
Nov 20182.542%
Oct 20182.522%
Sep 20182.494%
Aug 20182.472%
Jul 20182.457%
Jun 20182.433%
May 20182.421%
Apr 20182.397%
Mar 20182.368%
Feb 20182.347%
Jan 20182.326%
Dec 20172.309%
Nov 20172.293%
Oct 20172.229%
Sep 20172.284%
Aug 20172.282%
Jul 20172.279%
Jun 20172.268%
May 20172.276%
Apr 20172.277%
Mar 20172.264%
Feb 20172.249%
Jan 20172.244%
Dec 20162.232%
Nov 20162.204%
Oct 20162.216%
Sep 20162.232%
Aug 20162.237%
Jul 20162.259%
Jun 20162.267%
May 20162.304%
Apr 20162.322%
Mar 20162.306%
Feb 20162.315%
Jan 20162.341%
Dec 20152.331%
Nov 20152.324%
Oct 20152.368%
Sep 20152.350%
Aug 20152.337%
Jul 20152.337%
Jun 20152.336%
May 20152.368%
Apr 20152.363%
Mar 20152.356%
Feb 20152.358%
Jan 20152.384%
Dec 20142.369%
Nov 20142.380%
Oct 20142.384%
Sep 20142.401%
Aug 20142.402%
Jul 20142.402%
Jun 20142.403%
May 20142.427%
Apr 20142.424%
Mar 20142.394%
Feb 20142.399%
Jan 20142.477%
Dec 20132.406%
Nov 20132.408%
Oct 20132.420%
Sep 20132.430%
Aug 20132.420%
Jul 20132.435%
Jun 20132.438%
May 20132.468%
Apr 20132.464%
Mar 20132.478%
Feb 20132.487%
Jan 20132.523%
Dec 20122.523%
Nov 20122.534%
Oct 20122.560%
Sep 20122.588%
Aug 20122.587%
Jul 20122.621%
Jun 20122.651%
May 20122.717%
Apr 20122.732%
Mar 20122.749%
Feb 20122.758%
Jan 20122.791%
Dec 20112.826%
Nov 20112.835%
Oct 20112.859%
Sep 20112.886%
Aug 20112.912%
Jul 20112.965%
Jun 20112.957%
May 20113.009%
Apr 20113.003%
Mar 20112.991%
Feb 20112.992%
Jan 20112.996%
Dec 20102.992%
Nov 20103.007%
Oct 20103.047%
Sep 20103.052%
Aug 20103.076%
Jul 20103.132%
Jun 20103.141%
May 20103.211%
Apr 20103.217%
Mar 20103.232%
Feb 20103.285%
Jan 20103.326%
Dec 20093.290%
Nov 20093.320%
Oct 20093.362%
Sep 20093.347%
Aug 20093.360%
Jul 20093.418%
Jun 20093.456%
May 20093.524%
Apr 20093.587%
Mar 20093.632%
Feb 20093.711%
Jan 20093.811%
Dec 20083.866%
Nov 20083.961%
Oct 20084.009%
Sep 20084.188%
Aug 20084.360%
Jul 20084.382%
Jun 20084.461%
May 20084.517%
Apr 20084.560%
Mar 20084.582%
Feb 20084.683%
Jan 20084.785%
Dec 20074.838%
Nov 20074.909%
Oct 20074.975%
Sep 20075.009%
Aug 20075.029%
Jul 20075.041%
Jun 20075.055%
May 20075.053%
Apr 20075.056%
Mar 20075.060%
Feb 20075.055%
Jan 20075.040%
Dec 20065.034%
Nov 20065.039%
Oct 20065.029%
Sep 20065.022%
Aug 20065.019%
Jul 20064.988%
Jun 20064.955%
May 20064.951%
Apr 20064.926%
Mar 20064.890%
Feb 20064.849%
Jan 20064.820%
Dec 20054.784%
Nov 20054.754%
Oct 20054.738%
Sep 20054.704%
Aug 20054.675%
Jul 20054.653%
Jun 20054.689%
May 20054.660%
Apr 20054.657%
Mar 20054.591%
Feb 20054.553%
Jan 20054.551%
Dec 20044.508%
Nov 20044.461%
Oct 20044.552%
Sep 20044.517%
Aug 20044.489%
Jul 20044.510%
Jun 20044.475%
May 20044.495%
Apr 20044.511%
Mar 20044.486%
Feb 20044.534%
Jan 20044.591%
Dec 20034.566%
Nov 20034.584%
Oct 20034.615%
Sep 20034.654%
Aug 20034.657%
Jul 20034.699%
Jun 20034.732%
May 20034.905%
Apr 20034.941%
Mar 20034.953%
Feb 20034.992%
Jan 20035.068%
Dec 20025.099%
Nov 20025.150%
Oct 20025.225%
Sep 20025.298%
Aug 20025.362%
Jul 20025.430%
Jun 20025.546%
May 20025.554%
Apr 20025.602%
Mar 20025.604%
Feb 20025.619%
Jan 20025.707%
Dec 20015.743%
Nov 20015.803%
Oct 20015.971%
Sep 20016.064%
Aug 20016.107%
Jul 20016.207%
Jun 20016.261%
May 20016.344%
Apr 20016.426%
Mar 20016.470%
Feb 20016.512%
Jan 20016.594%

Earlier months show the overall rate. Every security class remains in the chart and full monthly JSON record.

How does the rate on existing debt compare with new borrowing?

The 3.531% average applies to the debt already outstanding. New borrowing is priced at current auction yields, while the average changes as debt matures and is refinanced. Compare with the latest 10-year auction.

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Treasury figures are public domain. TFTC's compilation, calculations and chart are licensed under CC BY 4.0. Credit TFTC with a link to this page when reusing those contributions.

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Data: TFTC Average Interest Rate on the National Debt (https://www.tftc.io/federal-interest-expense/average-rate), from US Treasury Fiscal Data. Treasury figures are public domain; TFTC's compilation, calculations and chart are CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/).

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<p>Data: <a href="https://www.tftc.io/federal-interest-expense/average-rate">TFTC</a>, from US Treasury Fiscal Data. Treasury figures are public domain; TFTC's compilation, calculations and chart are <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a>.</p>
Preview: Average Interest Rate on the National Debt, chart from TFTC

Need the raw series? The full monthly record is open JSON at /federal-interest-expense/data.json and the latest month of each feed, the current and last complete fiscal years, the gross interest split, the average rate, the defense crossover and records are at /federal-interest-expense/latest.json. Sources, formulas and changes are on the methodology page.

Frequently Asked Questions

Is 3.531% the rate on new Treasury debt?
This is the weighted average rate on debt already outstanding at month end. New borrowing is priced at current auctions, and its yield varies with maturity and market conditions. Follow the 10-year auction tracker link for the latest yield.
What is the average interest rate on US debt?
In September 2026 the average interest rate on all US interest-bearing debt was 3.531%, against 3.363% a year earlier, and up from the record low of 1.556% in January 2022. The high of the record since January 2001 is 6.594%, in January 2001. Marketable debt averaged 3.518%: bills 3.870%, notes 3.383%, bonds 3.466%, TIPS 1.149%.
How is the average interest rate on the debt calculated?
Treasury computes it from the interest-bearing debt outstanding at month end: each security's rate weighted by the amount outstanding, within each class and across all classes. It is a stock measure, so it moves slowly as maturing debt is replaced at current yields, and it is not the same as the yield on any one security.
What is the lowest average interest rate the US has paid on its debt?
1.556%, in January 2022, the low of the record on this page, which starts in January 2001. The high in that record is 6.594%, in January 2001. September 2026: 3.531%.

Data: US Department of the Treasury, via Fiscal Data: Average Interest Rates on US Treasury Securities. Source figures are public domain; fiscal-year totals are the statements' own year-to-date columns, trailing-twelve-month totals and shares are TFTC's arithmetic. Net versus gross interest is explained on the overview page. Full record as open JSON, the newest month and fiscal year as latest.json (CC BY 4.0). Sources and arithmetic: methodology and changelog. Not investment advice.