What the federal government pays to borrow
The average interest rate across all outstanding interest-bearing Treasury securities. It moves slowly because most of the debt was issued years ago at older rates — which is why the full effect of higher rates is still arriving.
Updated July 31, 2026 · Source: U.S. Treasury Fiscal Data
The trend
Hover the line for the value at any point in the series.
View as table
| Period | Average rate paid |
|---|---|
| Aug 24 | 3.35% |
| Sep 24 | 3.32% |
| Oct 24 | 3.30% |
| Nov 24 | 3.30% |
| Dec 24 | 3.28% |
| Jan 25 | 3.28% |
| Feb 25 | 3.28% |
| Mar 25 | 3.28% |
| Apr 25 | 3.29% |
| May 25 | 3.29% |
| Jun 25 | 3.30% |
| Jul 25 | 3.35% |
| Aug 25 | 3.37% |
| Sep 25 | 3.36% |
| Oct 25 | 3.35% |
| Nov 25 | 3.35% |
| Dec 25 | 3.32% |
| Jan 26 | 3.32% |
| Feb 26 | 3.32% |
| Mar 26 | 3.33% |
| Apr 26 | 3.34% |
| May 26 | 3.35% |
| Jun 26 | 3.41% |
| Jul 26 | 3.45% |
How we count this
Treasury publishes the average interest rate across all outstanding interest-bearing securities each month. The headline dollar figure is that rate applied to total public debt outstanding ($40.11 trillion as of 2026-09-01), which annualises what the current stock of debt costs to carry. It is not the same as interest actually paid in a fiscal year: outlays lag, because securities are refinanced gradually as they mature. The rate is a stock average, so it rises far more slowly than market yields — most outstanding debt still carries coupons set years ago.
Total public debt of $40.11T at the 3.447% average rate Treasury pays. Higher rates added ~$38B a year since 2025.
Refreshed weekly from U.S. Treasury Fiscal Data. Free to read, no account required.