Par yield curve, constant maturity: 20-year
What has the 20-year Treasury yield been over time?
On , Treasury's 20-year par yield was 5.34%, 1 basis point lower than the day before and 79 basis points higher than a year earlier.
The 20-year par yield on the last business day of each month
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
The 20-year par yield each business day
Each point is one month-end, or one business day under "Latest days"; pointing at the chart shows its date and yield.
Select a line to followLatest:
Inspect and compare dates
The latest day beside the day before and the month-ends nearest a year, five and ten years earlier.
| Day | Latest | The day before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Date | |||||
| Par yield | 5.34% | 5.35% | 4.71% | 2.02% | 1.99% |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The 20-year par yield was 5.34% on , 79 basis points higher than a year earlier.
The 20-year par yield ended September 2026 at 5.68%, its highest month-end since May 2002.
ChangeOurs
| Period | Then | Change |
|---|---|---|
| One month | 5.24%, the yield at the end of | +0.44 percentage points |
| Three months | 4.93%, the yield at the end of | +0.75 percentage points |
| Twelve months | 4.71%, the yield at the end of | +0.97 percentage points |
| Five years | 2.02%, the yield at the end of | +3.66 percentage points |
| Ten years | 1.99%, the yield at the end of | +3.69 percentage points |
In historyOurs
The 20-year par yield of 5.68% at the end of was higher than in 307 of the 395 other month-ends since , the same in 1 and lower in 87.
Highest since : 8.10% at the end of . Lowest since : 0.98% at the end of .
AverageOurs
Average since : 4.373% (ours, a plain mean of the 396 month-ends).
Its 52-week rangeOurs, from Treasury's curve
Its five-year rangeMonth-ends, ours
Over the last five years of month-ends it ran from 1.85% on to 5.68% on ; the reading of 5.34% is 91.1% of the way from the low to the high.
Low 1.85% Midpoint 3.765% High 5.68%
The 20-year par yield, change from one month-end to the next, by year
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Whole year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +3 | −25 | +31 | +9 | +1 | −5 | +35 | −4 | +44 | – | – | – | +89 |
| 2025 | +2 | −33 | +7 | +6 | +25 | −14 | +10 | −3 | −15 | −6 | −3 | +17 | −7 |
| 2024 | +14 | +17 | −6 | +45 | −17 | −12 | −17 | −16 | −9 | +39 | −13 | +41 | +66 |
| 2023 | −36 | +32 | −29 | −1 | +21 | +5 | +16 | +17 | +53 | +29 | −49 | −52 | +6 |
| 2022 | +23 | +8 | +34 | +55 | +14 | +10 | −18 | +33 | +55 | +36 | −44 | +14 | +220 |
| 2021 | +23 | +40 | +23 | −12 | −1 | −18 | −19 | +4 | +17 | −4 | −13 | +9 | +49 |
| 2020 | −42 | −37 | −31 | −10 | +13 | 0 | −20 | +28 | −3 | +20 | −6 | +8 | −80 |
| 2019 | −4 | +11 | −31 | +12 | −36 | −8 | 0 | −53 | +16 | +6 | +7 | +18 | −62 |
| 2018 | +25 | +19 | −17 | +16 | −10 | 0 | +12 | −8 | +18 | +17 | −11 | −32 | +29 |
| 2017 | −1 | −8 | +6 | −9 | −7 | +1 | +5 | −19 | +16 | +3 | −1 | −7 | −21 |
| 2016 | −31 | −17 | +1 | +6 | −3 | −37 | −8 | +12 | +9 | +26 | +48 | +6 | +12 |
| 2015 | −43 | +34 | −7 | +18 | +14 | +20 | −22 | +3 | −13 | +6 | +6 | +4 | +20 |
| 2014 | −37 | −4 | 0 | −9 | −17 | +3 | −1 | −24 | +15 | −17 | −19 | −15 | −125 |
| 2013 | +25 | −8 | 0 | −22 | +46 | +27 | +12 | +12 | −5 | −8 | +21 | +18 | +118 |
| 2012 | +2 | +14 | +27 | −27 | −46 | +11 | −17 | +8 | +13 | +4 | −9 | +17 | −3 |
| Average | −5.1 | +2.9 | +0.5 | +5.1 | −0.2 | −1.1 | −2.1 | −0.7 | +14.1 | +10.8 | −6.1 | +3.3 | – |
Each chip is one month. The mark in its middle is zero: a fill to the right of it is a rise and a fill to the left a fall. A longer, brighter fill is a larger change, in five steps up to 37 and over; the last column has a scale of its own, up to 125 and over. Every chip prints its figure and sign. A year still running is counted through its last month: .
Observed .
Understanding the 20-year par yield
Where it stands today
The 20-year par yield was 5.34% on .
What does this chart measure?
The 20-year par yield is the coupon rate at which a new 20-year Treasury security would sell at par, from the curve Treasury fits each business day to closing bid prices.
Read more
Month-ends are the last business day of each finished month Treasury published a value for this term; the running month shows in the latest days. The 52-week range and the changes in basis points are computed by 500metrics.
The numbers behind the chart
What was the yield at each month-end?396 month-ends since 29 Oct 1993, newest first
| Month-end | Par yield |
|---|---|
| 5.68% | |
| 5.24% | |
| 5.28% | |
| 4.93% | |
| 4.98% | |
| 4.97% | |
| 4.88% | |
| 4.57% | |
| 4.82% | |
| 4.79% | |
| 4.62% | |
| 4.65% | |
| 4.71% | |
| 4.86% | |
| 4.89% | |
| 4.79% | |
| 4.93% | |
| 4.68% | |
| 4.62% | |
| 4.55% | |
| 4.88% | |
| 4.86% | |
| 4.45% | |
| 4.58% |
Show 372 more rows
| Month-end | Par yield |
|---|---|
| 4.19% | |
| 4.28% | |
| 4.44% | |
| 4.61% | |
| 4.73% | |
| 4.90% | |
| 4.45% | |
| 4.51% | |
| 4.34% | |
| 4.20% | |
| 4.72% | |
| 5.21% | |
| 4.92% | |
| 4.39% | |
| 4.22% | |
| 4.06% | |
| 4.01% | |
| 3.80% | |
| 3.81% | |
| 4.10% | |
| 3.78% | |
| 4.14% | |
| 4.00% | |
| 4.44% | |
| 4.08% | |
| 3.53% | |
| 3.20% | |
| 3.38% | |
| 3.28% | |
| 3.14% | |
| 2.59% | |
| 2.25% | |
| 2.17% | |
| 1.94% | |
| 1.85% | |
| 1.98% | |
| 2.02% | |
| 1.85% | |
| 1.81% | |
| 2.00% | |
| 2.18% | |
| 2.19% | |
| 2.31% | |
| 2.08% | |
| 1.68% | |
| 1.45% | |
| 1.37% | |
| 1.43% | |
| 1.23% | |
| 1.26% | |
| 0.98% | |
| 1.18% | |
| 1.18% | |
| 1.05% | |
| 1.15% | |
| 1.46% | |
| 1.83% | |
| 2.25% | |
| 2.07% | |
| 2.00% | |
| 1.94% | |
| 1.78% | |
| 2.31% | |
| 2.31% | |
| 2.39% | |
| 2.75% | |
| 2.63% | |
| 2.94% | |
| 2.83% | |
| 2.87% | |
| 3.19% | |
| 3.30% | |
| 3.13% | |
| 2.95% | |
| 3.03% | |
| 2.91% | |
| 2.91% | |
| 3.01% | |
| 2.85% | |
| 3.02% | |
| 2.83% | |
| 2.58% | |
| 2.65% | |
| 2.66% | |
| 2.63% | |
| 2.47% | |
| 2.66% | |
| 2.61% | |
| 2.60% | |
| 2.67% | |
| 2.76% | |
| 2.70% | |
| 2.78% | |
| 2.79% | |
| 2.73% | |
| 2.25% | |
| 1.99% | |
| 1.90% | |
| 1.78% | |
| 1.86% | |
| 2.23% | |
| 2.26% | |
| 2.20% | |
| 2.19% | |
| 2.36% | |
| 2.67% | |
| 2.63% | |
| 2.57% | |
| 2.51% | |
| 2.64% | |
| 2.61% | |
| 2.83% | |
| 2.63% | |
| 2.49% | |
| 2.31% | |
| 2.38% | |
| 2.04% | |
| 2.47% | |
| 2.62% | |
| 2.81% | |
| 2.98% | |
| 2.83% | |
| 3.07% | |
| 3.08% | |
| 3.05% | |
| 3.22% | |
| 3.31% | |
| 3.31% | |
| 3.35% | |
| 3.72% | |
| 3.54% | |
| 3.33% | |
| 3.41% | |
| 3.46% | |
| 3.34% | |
| 3.22% | |
| 2.95% | |
| 2.49% | |
| 2.71% | |
| 2.71% | |
| 2.79% | |
| 2.54% | |
| 2.37% | |
| 2.46% | |
| 2.42% | |
| 2.29% | |
| 2.21% | |
| 2.38% | |
| 2.27% | |
| 2.73% | |
| 3.00% | |
| 2.73% | |
| 2.59% | |
| 2.57% | |
| 2.77% | |
| 2.89% | |
| 2.66% | |
| 3.19% | |
| 3.77% | |
| 4.09% | |
| 3.91% | |
| 4.15% | |
| 4.29% | |
| 4.25% | |
| 4.33% | |
| 4.13% | |
| 3.80% | |
| 3.64% | |
| 3.38% | |
| 3.23% | |
| 3.74% | |
| 3.74% | |
| 4.05% | |
| 4.36% | |
| 4.55% | |
| 4.40% | |
| 4.38% | |
| 4.58% | |
| 4.07% | |
| 4.19% | |
| 4.02% | |
| 4.14% | |
| 4.29% | |
| 4.30% | |
| 4.34% | |
| 4.10% | |
| 3.61% | |
| 3.98% | |
| 3.86% | |
| 3.05% | |
| 3.71% | |
| 4.74% | |
| 4.43% | |
| 4.47% | |
| 4.63% | |
| 4.59% | |
| 4.74% | |
| 4.49% | |
| 4.30% | |
| 4.37% | |
| 4.35% | |
| 4.50% | |
| 4.44% | |
| 4.79% | |
| 4.89% | |
| 4.87% | |
| 5.00% | |
| 5.21% | |
| 5.10% | |
| 4.88% | |
| 4.92% | |
| 4.78% | |
| 5.02% | |
| 4.91% | |
| 4.66% | |
| 4.81% | |
| 4.84% | |
| 4.95% | |
| 5.17% | |
| 5.31% | |
| 5.35% | |
| 5.31% | |
| 5.07% | |
| 4.70% | |
| 4.74% | |
| 4.61% | |
| 4.81% | |
| 4.84% | |
| 4.62% | |
| 4.30% | |
| 4.56% | |
| 4.28% | |
| 4.40% | |
| 4.61% | |
| 4.88% | |
| 4.79% | |
| 4.64% | |
| 4.85% | |
| 5.03% | |
| 4.79% | |
| 4.89% | |
| 4.93% | |
| 5.24% | |
| 5.33% | |
| 5.39% | |
| 5.31% | |
| 4.77% | |
| 4.85% | |
| 5.00% | |
| 5.10% | |
| 5.20% | |
| 5.20% | |
| 4.91% | |
| 5.33% | |
| 5.43% | |
| 4.52% | |
| 4.36% | |
| 4.79% | |
| 4.84% | |
| 4.70% | |
| 4.93% | |
| 4.83% | |
| 5.18% | |
| 5.03% | |
| 4.75% | |
| 5.06% | |
| 5.41% | |
| 5.65% | |
| 5.77% | |
| 5.74% | |
| 6.03% | |
| 5.61% | |
| 5.68% | |
| 5.74% | |
| 5.54% | |
| 5.05% | |
| 5.45% | |
| 5.47% | |
| 5.61% | |
| 5.91% | |
| 5.95% | |
| 5.92% | |
| 5.60% | |
| 5.51% | |
| 5.65% | |
| 5.59% | |
| 5.78% | |
| 6.02% | |
| 6.13% | |
| 5.96% | |
| 6.13% | |
| 6.26% | |
| 6.42% | |
| 6.31% | |
| 6.20% | |
| 6.46% | |
| 6.72% | |
| 6.83% | |
| 6.62% | |
| 6.52% | |
| 6.47% | |
| 6.49% | |
| 6.40% | |
| 6.29% | |
| 6.15% | |
| 5.94% | |
| 5.92% | |
| 5.85% | |
| 5.35% | |
| 5.39% | |
| 5.33% | |
| 5.38% | |
| 5.17% | |
| 5.45% | |
| 5.81% | |
| 5.73% | |
| 5.90% | |
| 6.04% | |
| 6.02% | |
| 5.99% | |
| 5.88% | |
| 6.02% | |
| 6.12% | |
| 6.21% | |
| 6.47% | |
| 6.69% | |
| 6.35% | |
| 6.86% | |
| 6.99% | |
| 7.05% | |
| 7.22% | |
| 6.91% | |
| 6.86% | |
| 6.73% | |
| 6.45% | |
| 6.74% | |
| 7.05% | |
| 7.28% | |
| 7.07% | |
| 7.03% | |
| 7.17% | |
| 7.06% | |
| 6.83% | |
| 6.57% | |
| 6.07% | |
| 6.01% | |
| 6.20% | |
| 6.40% | |
| 6.60% | |
| 6.72% | |
| 6.88% | |
| 6.64% | |
| 6.72% | |
| 7.42% | |
| 7.54% | |
| 7.58% | |
| 7.81% | |
| 8.02% | |
| 8.10% | |
| 8.09% | |
| 7.98% | |
| 7.60% | |
| 7.46% | |
| 7.75% | |
| 7.58% | |
| 7.44% | |
| 7.23% | |
| 6.75% | |
| 6.29% | |
| 6.48% | |
| 6.46% | |
| 6.12% |
What was the yield on each of the last 30 business days?Each business day, newest first
| Date | Par yield |
|---|---|
| 5.34% | |
| 5.35% | |
| 5.37% | |
| 5.32% | |
| 5.47% | |
| 5.47% | |
| 5.53% | |
| 5.47% | |
| 5.48% | |
| 5.57% |
Show 20 more rows
| Date | Par yield |
|---|---|
| 5.60% | |
| 5.65% | |
| 5.64% | |
| 5.71% | |
| 5.68% | |
| 5.70% | |
| 5.67% | |
| 5.64% | |
| 5.68% | |
| 5.64% | |
| 5.60% | |
| 5.54% | |
| 5.53% | |
| 5.45% | |
| 5.33% | |
| 5.33% | |
| 5.38% | |
| 5.32% | |
| 5.39% | |
| 5.40% |
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- A fitted curve value, not the yield of one security: an outstanding note or bond of about this term trades at its own yield.
- Month-end values hide moves inside the month; the latest days are shown day by day.
Observed .
How to cite this
U.S. Treasury, Daily Treasury Par Yield Curve Rates, 20-year term, through 27 October 2026. Compiled by 500metrics, "What has the 20-year Treasury yield been over time?", https://500metrics.com/treasury/yield-curve/20-year.
Can the data be downloaded?treasury-yield-curve-20-year.csv
Download the full history as CSV: 396 rows, to , 6,346 bytes.
Our text and compilation: CC BY 4.0.
Recession dates from the National Bureau of Economic Research.
Page updated