Par yield as of September 9, 2026 · official U.S. Treasury data
| Date | Yield | Change |
|---|---|---|
| September 9, 2026 | 4.71% | +3 bp |
| September 8, 2026 | 4.68% | +3 bp |
| September 4, 2026 | 4.65% | +2 bp |
| September 3, 2026 | 4.63% | -3 bp |
| September 2, 2026 | 4.66% | +0 bp |
| September 1, 2026 | 4.66% | +4 bp |
| August 31, 2026 | 4.62% | +3 bp |
| August 28, 2026 | 4.59% | +7 bp |
| August 27, 2026 | 4.52% | +1 bp |
| August 26, 2026 | 4.51% | — |
The 7-year Treasury yield gets less attention than the maturities either side of it, which is exactly what makes it useful. It sits between the 5-year and the 10-year without being the reference point for anything in particular, so it tends to reflect supply and demand for duration more cleanly than the benchmarks do.
Benchmark status brings distortions. The 10-year is the settlement point for futures, the reference for swaps and the maturity every desk quotes, which means flows arrive there for reasons that have nothing to do with a view on seven-to-ten-year interest rates. The 7-year carries far less of that baggage.
The practical result is that when the 7-year moves out of line with its neighbours, it is often telling you something real about appetite for duration in that part of the curve, rather than reflecting positioning in a benchmark contract.
Mortgage-backed securities have an awkward property: their effective life shortens when rates fall and homeowners refinance, and lengthens when rates rise and they stay put. Hedging that shifting duration means trading Treasuries across the belly of the curve, and the 7-year is squarely in the zone that gets used.
This creates a feedback loop worth knowing about. A sharp rise in yields extends mortgage duration, prompting hedgers to sell Treasuries, which pushes yields higher still. Convexity hedging of this kind has amplified several sharp sell-offs in the intermediate part of the curve.
The Treasury auctions 7-year notes monthly, and because the maturity lacks the automatic demand that benchmarks attract, its auctions are a more honest test of appetite. Weak bidding here has repeatedly been an early sign that investors are backing away from duration generally.
Like the 3-year, the 7-year has an interrupted history: it was discontinued in the 1990s and reintroduced in 2009 when borrowing needs rose. That makes very long historical comparisons at this maturity less straightforward than at the 10-year.
Seven years captures most of the yield available from the intermediate curve while carrying meaningfully less price risk than a 10-year note. For an investor who wants duration exposure without the volatility of the long end, it is often a better risk-adjusted entry point than the benchmark beside it.
The catch is liquidity. Bid-offer spreads are wider than at the 10-year and the market is thinner, which matters if there is any chance of needing to sell before maturity rather than holding to redemption.
| Maturity | Yield | 1-Day Change | vs 7Y |
|---|---|---|---|
| 1M | 3.81% | +0 bp | -90 bp |
| 2M | 3.93% | +2 bp | -78 bp |
| 3M | 3.95% | +1 bp | -76 bp |
| 6M | 4.01% | +1 bp | -70 bp |
| 1Y | 4.17% | +2 bp | -54 bp |
| 2Y | 4.43% | +4 bp | -28 bp |
| 3Y | 4.49% | +5 bp | -22 bp |
| 5Y | 4.61% | +4 bp | -10 bp |
| 7Y | 4.71% | +3 bp | — |
| 10Y | 4.83% | +3 bp | +12 bp |
| 20Y | 5.28% | +2 bp | +57 bp |
| 30Y | 5.28% | +3 bp | +57 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.