Average interest rate
Treasury Floating Rate Notes (FRN)
Two-year securities whose coupon resets to track the 13-week Bill auction rate, so their average rate is the most responsive to short-term rate moves of any marketable security.
Latest (Aug 2026)
3.85%
▼ -0.103 pp MoM
Year-over-year
▼ -0.458 pp
vs. Aug 2025
13-year low
0.08%
Sep 2014
13-year high
5.54%
Jan 2024
This is an average, not today's rate. FRN coupons reset off the 13-week bill auction, which is at 4.12% today.
Treasury Floating Rate Notes (FRN) — average rate history
Monthly, Jan 2014 – Aug 2026.
Download: rates-floating-rate-notes.csv · CSV · public domain
Last 24 months
| Month | Avg. rate | MoM |
|---|---|---|
| Aug 2026 | 3.845% | ▼ -0.103 pp |
| Jul 2026 | 3.948% | ▲ +0.436 pp |
| Jun 2026 | 3.512% | ▼ -0.051 pp |
| May 2026 | 3.563% | ▼ -0.201 pp |
| Apr 2026 | 3.764% | ▲ +0.136 pp |
| Mar 2026 | 3.628% | ▼ -0.120 pp |
| Feb 2026 | 3.748% | ▲ +0.004 pp |
| Jan 2026 | 3.744% | ▲ +0.185 pp |
| Dec 2025 | 3.559% | ▼ -0.406 pp |
| Nov 2025 | 3.965% | ▲ +0.064 pp |
| Oct 2025 | 3.901% | ▼ -0.133 pp |
| Sep 2025 | 4.034% | ▼ -0.269 pp |
| Aug 2025 | 4.303% | ▼ -0.104 pp |
| Jul 2025 | 4.407% | ▲ +0.041 pp |
| Jun 2025 | 4.366% | ▼ -0.061 pp |
| May 2025 | 4.427% | ▲ +0.029 pp |
| Apr 2025 | 4.398% | ▲ +0.036 pp |
| Mar 2025 | 4.362% | ▼ -0.008 pp |
| Feb 2025 | 4.370% | ▼ -0.004 pp |
| Jan 2025 | 4.374% | ▼ -0.050 pp |
| Dec 2024 | 4.424% | ▼ -0.177 pp |
| Nov 2024 | 4.601% | ▼ -0.076 pp |
| Oct 2024 | 4.677% | ▼ -0.051 pp |
| Sep 2024 | 4.728% | — |