U.S. Federal Debt · Cost of Borrowing
What interest rate is the U.S. government actually paying?
In Jun 2026, the average interest rate across all interest-bearing U.S. federal debt edged higher to 3.409%, up 0.10 percentage points from a year earlier. That is the blended cost of a debt stack that reprices slowly — most of it was borrowed in earlier years — so the headline rate lags moves in current market yields.
Average rate on all interest-bearing debt
Monthly, Jan 2013 – Jun 2026. Hover the line for any month.
Current average rates by security type
Latest month, with change vs. the prior month (MoM) and a year earlier (YoY). Click any security for its full history.
| Security type | Avg. rate | MoM | YoY |
|---|---|---|---|
| Total Interest-bearing Debt | 3.409% | ▲ +0.056 pp | ▲ +0.105 pp |
| Total Marketable | 3.411% | ▲ +0.025 pp | ▲ +0.036 pp |
| Treasury Bills | 3.706% | ▲ +0.016 pp | ▼ -0.600 pp |
| Treasury Notes | 3.283% | ▲ +0.035 pp | ▲ +0.235 pp |
| Treasury Bonds | 3.430% | ▲ +0.017 pp | ▲ +0.133 pp |
| Treasury Inflation-Protected Securities (TIPS) | 1.090% | ▲ +0.011 pp | ▲ +0.215 pp |
| Treasury Floating Rate Notes (FRN) | 3.512% | ▼ -0.051 pp | ▼ -0.854 pp |
| Total Non-marketable | 3.399% | ▲ +0.198 pp | ▲ +0.416 pp |
| United States Savings Securities | 3.160% | ▼ -0.009 pp | ▼ -0.186 pp |
| Government Account Series | 3.395% | ▲ +0.201 pp | ▲ +0.428 pp |
| State and Local Government Series | 3.336% | ▲ +0.012 pp | ▼ -0.148 pp |
| Government Account Series Inflation Securities | 1.391% | ▲ +0.042 pp | ▲ +0.150 pp |
| United States Savings Inflation Securities | 4.418% | ▲ +0.035 pp | ▲ +1.046 pp |
| Domestic Series | 7.577% | ■ no change | ■ no change |
| Federal Financing Bank | 2.383% | ▼ -0.006 pp | ▼ -0.006 pp |
| Special Purpose Vehicle | 2.898% | ▲ +0.117 pp | ▼ -0.359 pp |
How to read these numbers
The Treasury reports a weighted-average interest rate for each class of security it has issued. Because the government is constantly rolling over old debt and issuing new debt, these averages move gradually — a Bond issued at 2% in 2020 keeps dragging the average down for years even after new Bonds are sold at 4%. That is why the total rate here can look low relative to today’s market yields, and why the fastest-moving line is always Bills and Floating Rate Notes.
Every figure on this site comes straight from the Treasury’s official monthly release and updates automatically when a new month is published.