Federal Reserve statistical release, Selected Interest Rates
How have US interest rates moved since 1954?
On , the federal funds effective rate was 3.88% and the 10-year Treasury constant maturity 5.00%.
Average of each rate over the business days of each calendar year
Each point is one calendar year's average of a rate (ours), the running year's over the business days so far; pointing at the chart shows a year's averages.
The lines
- Federal funds effective rate, 20263.67%
- 3-month Treasury bill rate, 20263.71%
- 2-year Treasury constant maturity, 20264.04%
Observed .
Right now
The federal funds effective rate averaged 4.21% in 2025, the lowest since 2022.
On their latest business day: federal funds 3.88%, 3-month bill 4.05%, 2-year Treasury constant maturity 4.68%, 10-year Treasury 5.00% and 30-year Treasury constant maturity 5.31%.
Each rate's history
Understanding these rates
Where it stands today
The federal funds effective rate was 3.88% on .
What are these rates?
Each rate is the Federal Reserve Board's H.15 series as published for each business day.
Read more
Treasury constant maturities are Treasury's own yields at fixed terms, read from its daily curve; the 3-month bill rate is the secondary market rate on a discount basis; the primary credit rate, also called the discount rate, is the rate the Federal Reserve Banks charge banks in sound financial condition for short-term loans; the prime rate is the rate most large banks post. Yearly averages are computed by 500metrics as the plain mean of the business days with a value, rounded to two decimals.
The numbers behind the chart
What did each rate average in each year?Every year since 1954, newest first
| Year | Federal funds effective rate | 3-month Treasury bill rate | 2-year Treasury constant maturity | 10-year Treasury constant maturity | 30-year Treasury constant maturity | 1-year Treasury constant maturity | 20-year Treasury constant maturity | Primary credit rate | Bank prime loan rate |
|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.67% | 3.71% | 4.04% | 4.52% | 5.05% | 3.89% | 5.04% | 3.78% | 6.78% |
| 2025 | 4.21% | 4.07% | 3.81% | 4.29% | 4.78% | 3.91% | 4.78% | 4.37% | 7.37% |
| 2024 | 5.15% | 4.97% | 4.37% | 4.21% | 4.41% | 4.69% | 4.50% | 5.31% | 8.31% |
| 2023 | 5.03% | 5.07% | 4.58% | 3.96% | 4.09% | 5.08% | 4.26% | 5.20% | 8.20% |
| 2022 | 1.68% | 2.02% | 2.99% | 2.95% | 3.11% | 2.80% | 3.30% | 1.86% | 4.85% |
| 2021 | 0.08% | 0.05% | 0.27% | 1.45% | 2.06% | 0.10% | 1.98% | 0.25% | 3.25% |
| 2020 | 0.36% | 0.35% | 0.39% | 0.89% | 1.56% | 0.37% | 1.35% | 0.64% | 3.53% |
| 2019 | 2.16% | 2.06% | 1.97% | 2.14% | 2.58% | 2.05% | 2.40% | 2.78% | 5.29% |
| 2018 | 1.83% | 1.94% | 2.53% | 2.91% | 3.11% | 2.33% | 3.02% | 2.40% | 4.90% |
| 2017 | 1.00% | 0.93% | 1.40% | 2.33% | 2.89% | 1.20% | 2.65% | 1.60% | 4.10% |
| 2016 | 0.39% | 0.32% | 0.83% | 1.84% | 2.59% | 0.61% | 2.22% | 1.01% | 3.51% |
| 2015 | 0.13% | 0.05% | 0.69% | 2.14% | 2.84% | 0.32% | 2.55% | 0.76% | 3.26% |
| 2014 | 0.09% | 0.03% | 0.46% | 2.54% | 3.34% | 0.12% | 3.07% | 0.75% | 3.25% |
| 2013 | 0.11% | 0.06% | 0.31% | 2.35% | 3.45% | 0.13% | 3.12% | 0.75% | 3.25% |
| 2012 | 0.14% | 0.09% | 0.28% | 1.80% | 2.92% | 0.17% | 2.54% | 0.75% | 3.25% |
| 2011 | 0.10% | 0.05% | 0.45% | 2.78% | 3.91% | 0.18% | 3.62% | 0.75% | 3.25% |
| 2010 | 0.18% | 0.14% | 0.70% | 3.22% | 4.25% | 0.32% | 4.03% | 0.72% | 3.25% |
| 2009 | 0.16% | 0.15% | 0.96% | 3.26% | 4.08% | 0.47% | 4.11% | 0.50% | 3.25% |
| 2008 | 1.94% | 1.37% | 2.01% | 3.66% | 4.28% | 1.83% | 4.36% | 2.39% | 5.07% |
| 2007 | 5.03% | 4.36% | 4.36% | 4.63% | 4.84% | 4.53% | 4.91% | 5.86% | 8.05% |
| 2006 | 4.97% | 4.73% | 4.82% | 4.80% | 4.88% | 4.94% | 5.00% | 5.96% | 7.96% |
| 2005 | 3.22% | 3.15% | 3.85% | 4.29% | 4.56% | 3.62% | 4.64% | 4.20% | 6.19% |
| 2004 | 1.35% | 1.37% | 2.38% | 4.27% | 5.13% | 1.89% | 5.04% | 2.35% | 4.34% |
| 2003 | 1.13% | 1.01% | 1.65% | 4.01% | 5.11% | 1.24% | 4.96% | 2.12% | 4.12% |
| 2002 | 1.68% | 1.61% | 2.64% | 4.61% | 5.44% | 2.00% | 5.43% | n/a | 4.68% |
Show 48 more rows
| Year | Federal funds effective rate | 3-month Treasury bill rate | 2-year Treasury constant maturity | 10-year Treasury constant maturity | 30-year Treasury constant maturity | 1-year Treasury constant maturity | 20-year Treasury constant maturity | Primary credit rate | Bank prime loan rate |
|---|---|---|---|---|---|---|---|---|---|
| 2001 | 3.90% | 3.40% | 3.83% | 5.02% | 5.49% | 3.49% | 5.63% | n/a | 6.94% |
| 2000 | 6.26% | 5.82% | 6.26% | 6.03% | 5.94% | 6.11% | 6.23% | n/a | 9.24% |
| 1999 | 4.99% | 4.64% | 5.43% | 5.65% | 5.87% | 5.08% | 6.20% | n/a | 8.00% |
| 1998 | 5.37% | 4.78% | 5.13% | 5.26% | 5.58% | 5.05% | 5.72% | n/a | 8.36% |
| 1997 | 5.49% | 5.06% | 5.99% | 6.35% | 6.61% | 5.63% | 6.69% | n/a | 8.44% |
| 1996 | 5.33% | 5.01% | 5.84% | 6.44% | 6.71% | 5.52% | 6.83% | n/a | 8.27% |
| 1995 | 5.86% | 5.49% | 6.15% | 6.57% | 6.88% | 5.94% | 6.95% | n/a | 8.83% |
| 1994 | 4.22% | 4.25% | 5.94% | 7.09% | 7.37% | 5.32% | 7.49% | n/a | 7.14% |
| 1993 | 3.05% | 3.00% | 4.05% | 5.87% | 6.59% | 3.43% | 6.29% | n/a | 6.00% |
| 1992 | 3.56% | 3.43% | 4.77% | 7.01% | 7.67% | 3.89% | n/a | n/a | 6.25% |
| 1991 | 5.73% | 5.38% | 6.49% | 7.86% | 8.14% | 5.86% | n/a | n/a | 8.46% |
| 1990 | 8.12% | 7.50% | 8.16% | 8.55% | 8.61% | 7.89% | n/a | n/a | 10.01% |
| 1989 | 9.24% | 8.11% | 8.57% | 8.49% | 8.45% | 8.53% | n/a | n/a | 10.87% |
| 1988 | 7.57% | 6.67% | 8.10% | 8.85% | 8.96% | 7.65% | n/a | n/a | 9.32% |
| 1987 | 6.65% | 5.78% | 7.42% | 8.39% | 8.59% | 6.77% | n/a | n/a | 8.20% |
| 1986 | 6.84% | 5.97% | 6.86% | 7.67% | 7.78% | 6.45% | 7.84% | n/a | 8.32% |
| 1985 | 8.13% | 7.47% | 9.27% | 10.62% | 10.79% | 8.42% | 10.97% | n/a | 9.93% |
| 1984 | 10.26% | 9.54% | 11.67% | 12.46% | 12.41% | 10.91% | 12.49% | n/a | 12.06% |
| 1983 | 9.10% | 8.62% | 10.21% | 11.10% | 11.18% | 9.58% | 11.34% | n/a | 10.79% |
| 1982 | 12.25% | 10.60% | 12.80% | 13.01% | 12.76% | 12.27% | 12.92% | n/a | 14.85% |
| 1981 | 16.40% | 14.04% | 14.57% | 13.92% | 13.45% | 14.80% | 13.72% | n/a | 18.86% |
| 1980 | 13.29% | 11.39% | 11.73% | 11.43% | 11.27% | 12.00% | 11.36% | n/a | 15.28% |
| 1979 | 11.17% | 10.05% | 10.11% | 9.43% | 9.28% | 10.65% | 9.32% | n/a | 12.66% |
| 1978 | 7.93% | 7.18% | 8.33% | 8.41% | 8.49% | 8.34% | 8.48% | n/a | 9.05% |
| 1977 | 5.54% | 5.26% | 6.45% | 7.42% | 7.75% | 6.08% | 7.67% | n/a | 6.83% |
| 1976 | 5.04% | 4.98% | 6.31% | 7.61% | n/a | 5.88% | 7.86% | n/a | 6.84% |
| 1975 | 5.82% | 5.79% | n/a | 7.99% | n/a | 6.78% | 8.20% | n/a | 7.85% |
| 1974 | 10.49% | 7.85% | n/a | 7.56% | n/a | 8.20% | 8.06% | n/a | 10.80% |
| 1973 | 8.70% | 7.04% | n/a | 6.85% | n/a | 7.32% | 7.12% | n/a | 8.03% |
| 1972 | 4.43% | 4.06% | n/a | 6.21% | n/a | 4.95% | 6.01% | n/a | 5.25% |
| 1971 | 4.66% | 4.33% | n/a | 6.16% | n/a | 4.89% | 6.12% | n/a | 5.72% |
| 1970 | 7.14% | 6.39% | n/a | 7.35% | n/a | 6.90% | 6.87% | n/a | 7.90% |
| 1969 | 8.07% | 6.67% | n/a | 6.67% | n/a | 7.12% | 6.32% | n/a | 7.96% |
| 1968 | 5.64% | 5.34% | n/a | 5.64% | n/a | 5.69% | 5.45% | n/a | 6.31% |
| 1967 | 4.19% | 4.29% | n/a | 5.07% | n/a | 4.88% | 5.01% | n/a | 5.63% |
| 1966 | 5.06% | 4.86% | n/a | 4.93% | n/a | 5.20% | 4.77% | n/a | 5.63% |
| 1965 | 4.05% | 3.95% | n/a | 4.28% | n/a | 4.15% | 4.27% | n/a | 4.54% |
| 1964 | 3.48% | 3.55% | n/a | 4.19% | n/a | 3.85% | 4.19% | n/a | 4.50% |
| 1963 | 3.16% | 3.16% | n/a | 4.00% | n/a | 3.36% | 4.05% | n/a | 4.50% |
| 1962 | 2.71% | 2.77% | n/a | 3.95% | n/a | 3.10% | 3.99% | n/a | 4.50% |
| 1961 | 1.94% | 2.35% | n/a | n/a | n/a | n/a | n/a | n/a | 4.50% |
| 1960 | 3.17% | 2.87% | n/a | n/a | n/a | n/a | n/a | n/a | 4.82% |
| 1959 | 3.29% | 3.39% | n/a | n/a | n/a | n/a | n/a | n/a | 4.48% |
| 1958 | 1.52% | 1.77% | n/a | n/a | n/a | n/a | n/a | n/a | 3.83% |
| 1957 | 3.09% | 3.22% | n/a | n/a | n/a | n/a | n/a | n/a | 4.20% |
| 1956 | 2.71% | 2.62% | n/a | n/a | n/a | n/a | n/a | n/a | 3.77% |
| 1955 | 1.76% | 1.72% | n/a | n/a | n/a | n/a | n/a | n/a | 3.38% |
| 1954 | 1.00% | 0.94% | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
The table scrolls sideways; the first column stays in place.
What was each rate on its latest day?With the day each record begins
| Rate | Date | Rate | Record begins |
|---|---|---|---|
| Federal funds effective rate | 3.88% | ||
| 3-month Treasury bill rate | 4.05% | ||
| 2-year Treasury constant maturity | 4.68% | ||
| 10-year Treasury constant maturity | 5.00% | ||
| 30-year Treasury constant maturity | 5.31% | ||
| 1-year Treasury constant maturity | 4.47% | ||
| 20-year Treasury constant maturity | 5.35% | ||
| Primary credit rate | 4.00% | ||
| Bank prime loan rate | 7.00% |
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- A yearly average hides the moves inside the year: a rate page shows each year's high and low.
- A year with only some business days held (the first year of a series, or the running year) averages those days only.
Observed . Checked .
How to cite this
Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates, through 26 October 2026. Yearly averages compiled by 500metrics, "How have US interest rates moved since 1954?", https://500metrics.com/interest-rates.
500metrics is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by 500metrics.
Page updated
Sources
© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. (source) Terms: Federal Reserve Bank of New York terms of use.
Changes in basis points are computed by 500metrics from the published rates.
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