Par yield as of September 9, 2026 · official U.S. Treasury data
| Date | Yield | Change |
|---|---|---|
| September 9, 2026 | 4.83% | +3 bp |
| September 8, 2026 | 4.80% | +2 bp |
| September 4, 2026 | 4.78% | +1 bp |
| September 3, 2026 | 4.77% | -2 bp |
| September 2, 2026 | 4.79% | +0 bp |
| September 1, 2026 | 4.79% | +4 bp |
| August 31, 2026 | 4.75% | +2 bp |
| August 28, 2026 | 4.73% | +6 bp |
| August 27, 2026 | 4.67% | +1 bp |
| August 26, 2026 | 4.66% | — |
The 10-year Treasury yield is the most quoted number in fixed income — the benchmark long-term U.S. interest rate that mortgages, corporate borrowing costs and equity valuations all key off. It is published each business day by the U.S. Treasury as part of the par yield curve.
Of the twelve maturities on the Treasury curve, the 10-year carries a status none of the others do: it is the reference point the rest of the financial system prices against. It is long enough to reflect genuine expectations about growth and inflation over a full economic cycle, but not so long that it becomes dominated by pension-fund demand and issuance quirks the way the 20- and 30-year do.
That balance is why "the bond market" in headline commentary almost always means this yield. When it rises sharply, borrowing gets more expensive across the economy at once; when it falls, the discount rate applied to every future cash flow falls with it.
The 30-year fixed mortgage rate tracks the 10-year Treasury yield far more closely than it tracks the 30-year Treasury, which surprises people. The reason is prepayment: American homeowners refinance or move, so a 30-year mortgage is repaid in about a decade on average. Lenders therefore price it against a comparable-life Treasury and add a spread for credit and prepayment risk.
Watch the spread as well as the level. It widens when mortgage-backed securities are hard to sell and narrows when demand for them is strong, which is why mortgage rates sometimes move even on days the 10-year barely does.
Four forces dominate. Growth and inflation expectations set the baseline — stronger expected growth or hotter expected inflation pushes yields up. The expected path of Fed policy pulls the whole curve with it. Treasury issuance matters on the supply side, since more government borrowing means more bonds to place. And foreign official demand matters on the demand side, because overseas central banks and funds hold a large share of outstanding Treasuries.
Layered on top is the term premium — the extra compensation investors want for locking money up for a decade rather than rolling short-term bills. It is not directly observable, which is why two analysts can look at the same move and disagree about whether it reflects growth optimism or simply less appetite for duration.
The 10-year is the risk-free rate in most valuation work. Raise it and the present value of distant cash flows falls, which is why long-duration growth stocks tend to sell off hardest when yields spike, and why identical earnings can justify very different multiples in different rate regimes.
The relationship is not mechanical. Yields rising because growth is strong can coincide with a rising market; yields rising because inflation is running away usually does not. The direction of the yield matters less than the reason behind it.
| Maturity | Yield | 1-Day Change | vs 10Y |
|---|---|---|---|
| 1M | 3.81% | +0 bp | -102 bp |
| 2M | 3.93% | +2 bp | -90 bp |
| 3M | 3.95% | +1 bp | -88 bp |
| 6M | 4.01% | +1 bp | -82 bp |
| 1Y | 4.17% | +2 bp | -66 bp |
| 2Y | 4.43% | +4 bp | -40 bp |
| 3Y | 4.49% | +5 bp | -34 bp |
| 5Y | 4.61% | +4 bp | -22 bp |
| 7Y | 4.71% | +3 bp | -12 bp |
| 10Y | 4.83% | +3 bp | — |
| 20Y | 5.28% | +2 bp | +45 bp |
| 30Y | 5.28% | +3 bp | +45 bp |
Source: U.S. Department of the Treasury daily par yield curve — official public-domain U.S. government data, published once per business day. This page is information, not investment advice; see our disclaimer.