What is the latest figure for Germany government bond yield curve?

Residual maturity of 10.0 years, monthly data stood at 3.6% in Sep 2026. That is +0.3 pp from Aug 2026 and +0.9 pp from a year earlier.

Is Germany government bond yield curve at a high or a low right now?

The reading of 3.6% is the highest since Jun 2009.

How far back does the Germany government bond yield curve data go?

The series on this page is monthly and runs from Sep 1972 to Sep 2026. Source: Deutsche Bundesbank. Every series in the table can be charted over its full history and downloaded as CSV or Excel.

What does the Germany government bond yield curve measure?

The curve estimates the interest rates of German federal government debt securities outstanding. It shows the yields for different residual maturities, ranging from one year up to 47 years.

What other German interest rates are included alongside the yield curve?

Besides the German federal government yield curve, the dataset includes expected real yields and deposits redeemable at notice in Germany. It also features the statutory base rate and the discount rates under the Commercial Code (HGB).

How should the Germany yield curve data be read?

The interest rates are expressed as an annual percentage rate (% p.a.) and are categorised by their residual maturity. The data is presented using both specific monthly data points and moving averages.

Germany government bond yield curve

Name: Germany government bond yield curve
Creator: Deutsche Bundesbank

Germany government bond yield curve and monthly interest rates, from the Deutsche Bundesbank.

Source: Deutsche BundesbankLast updated: Oct 19, 2026, 14:48 UTCCurated by Bui Thanh Phuc

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Indicator	09-2026	08-2026	07-2026	06-2026	05-2026	04-2026	03-2026	02-2026	01-2026	12-2025	11-2025	10-2025	09-2025	08-2025	07-2025	06-2025	05-2025	04-2025	03-2025	02-2025	01-2025	12-2024	11-2024	10-2024	09-2024	08-2024	07-2024	06-2024	05-2024	04-2024	03-2024	02-2024	01-2024	12-2023	11-2023	10-2023	09-2023
Government yield curve: moving averages15
Residual maturity of 1 year, moving averages	2.36	2.27	2.2	2.14	2.09	2.03	1.96	1.92	1.92	1.94	1.95	1.98	2.02	2.06	2.13	2.22	2.32	2.46	2.59	2.7	2.81	2.88	2.95	3.04	3.12	3.21	3.27	3.3	3.33	3.3	3.26	3.22	3.2	3.16	3.11	3.01	2.88
Residual maturity of 2 years, moving averages	2.2	2.15	2.13	2.12	2.13	2.15	2.17	2.18	2.22	2.24	2.25	2.28	2.32	2.37	2.41	2.46	2.52	2.56	2.6	2.63	2.67	2.69	2.72	2.72	2.71	2.69	2.64	2.54	2.45	2.34	2.23	2.1	1.96	1.83	1.7	1.55	1.4
Residual maturity of 3 years, moving averages	2.31	2.3	2.3	2.3	2.31	2.31	2.3	2.3	2.32	2.33	2.34	2.34	2.33	2.32	2.3	2.25	2.22	2.19	2.15	2.1	2.03	1.96	1.89	1.81	1.74	1.67	1.58	1.5	1.41	1.31	1.21	1.12	1.03	0.94	0.86	0.77	0.67
Residual maturity of 4 years, moving averages	2.35	2.32	2.28	2.23	2.2	2.16	2.11	2.07	2.02	1.96	1.9	1.84	1.79	1.73	1.67	1.61	1.55	1.5	1.44	1.39	1.33	1.27	1.21	1.16	1.09	1.04	0.98	0.92	0.85	0.78	0.71	0.64	0.57	0.52	0.46	0.4	0.33
Residual maturity of 5 years, moving averages	1.97	1.9	1.84	1.78	1.73	1.67	1.62	1.56	1.51	1.46	1.41	1.36	1.31	1.25	1.21	1.16	1.11	1.07	1.02	0.97	0.92	0.88	0.83	0.79	0.74	0.7	0.65	0.6	0.55	0.49	0.44	0.4	0.35	0.31	0.28	0.23	0.19
Residual maturity of 6 years, moving averages	1.57	1.51	1.46	1.41	1.37	1.32	1.27	1.22	1.18	1.14	1.1	1.06	1.01	0.97	0.93	0.89	0.85	0.81	0.77	0.74	0.7	0.67	0.64	0.61	0.57	0.55	0.52	0.49	0.45	0.41	0.38	0.35	0.32	0.29	0.27	0.23	0.19
Residual maturity of 7 years, moving averages	1.31	1.25	1.21	1.17	1.13	1.09	1.05	1.01	0.98	0.95	0.92	0.89	0.86	0.83	0.81	0.78	0.75	0.72	0.7	0.67	0.65	0.63	0.6	0.58	0.55	0.53	0.5	0.48	0.45	0.42	0.38	0.36	0.32	0.3	0.28	0.25	0.21
Residual maturity of 8 years, moving averages	1.16	1.12	1.09	1.06	1.03	1.01	0.98	0.95	0.93	0.91	0.88	0.86	0.83	0.81	0.78	0.76	0.74	0.71	0.69	0.66	0.64	0.61	0.59	0.57	0.54	0.52	0.49	0.46	0.44	0.41	0.38	0.36	0.33	0.31	0.29	0.27	0.25
Residual maturity of 9 years, moving averages	1.12	1.09	1.06	1.03	1.01	0.99	0.96	0.93	0.91	0.89	0.86	0.84	0.82	0.79	0.76	0.74	0.71	0.69	0.67	0.64	0.62	0.6	0.58	0.57	0.55	0.53	0.52	0.5	0.49	0.46	0.44	0.42	0.4	0.39	0.37	0.35	0.34
Residual maturity of 10 years, moving averages	1.09	1.06	1.03	1	0.98	0.95	0.93	0.9	0.88	0.86	0.84	0.82	0.81	0.79	0.77	0.75	0.74	0.72	0.71	0.68	0.67	0.65	0.63	0.62	0.61	0.6	0.59	0.58	0.57	0.56	0.55	0.54	0.53	0.53	0.53	0.52	0.52
Residual maturity of 11 years, moving averages	1.06	1.04	1.02	1	0.99	0.97	0.95	0.93	0.91	0.89	0.87	0.86	0.85	0.83	0.82	0.81	0.8	0.79	0.79	0.78	0.77	0.77	0.76	0.76	0.76	0.76	0.75	0.75	0.74	0.74	0.73	0.72	0.71	0.71	0.7	0.7	0.69
Residual maturity of 12 years, moving averages	1.09	1.07	1.05	1.04	1.03	1.02	1.01	1	1	0.99	0.98	0.98	0.97	0.97	0.96	0.96	0.95	0.95	0.94	0.93	0.92	0.92	0.91	0.91	0.9	0.9	0.9	0.89	0.89	0.88	0.88	0.87	0.87	0.87	0.87	0.87	0.87
Residual maturity of 13 years, moving averages	1.19	1.18	1.18	1.17	1.16	1.15	1.14	1.13	1.13	1.12	1.11	1.1	1.1	1.09	1.08	1.08	1.07	1.07	1.06	1.06	1.06	1.06	1.05	1.06	1.06	1.06	1.06	1.06	1.07	1.07	1.08	1.09	1.09	1.1	1.11	1.11	1.11
Residual maturity of 14 years, moving averages	1.3	1.29	1.28	1.27	1.26	1.26	1.25	1.24	1.24	1.24	1.23	1.23	1.23	1.23	1.23	1.23	1.23	1.23	1.24	1.25	1.25	1.26	1.26	1.27	1.27	1.27	1.27	1.28	1.28	1.28	1.29	1.29	1.3	1.31	1.32	1.32	1.33
Residual maturity of 15 years, moving averages	1.41	1.4	1.4	1.4	1.4	1.4	1.4	1.41	1.41	1.41	1.41	1.41	1.41	1.41	1.41	1.41	1.41	1.42	1.42	1.42	1.43	1.44	1.45	1.45	1.46	1.47	1.48	1.48	1.49	1.5	1.51	1.51	1.52	1.53	1.54	1.54	1.55
Government yield curve: month-end estimates30
Residual maturity of 1.0 years, monthly data	3.04	2.76	2.66	2.46	2.45	2.59	2.51	2	2	2.02	1.96	1.92	1.96	1.89	1.9	1.82	1.78	1.75	2.01	2.07	2.2	2.17	2.23	2.46	2.44	2.71	2.95	3.12	3.36	3.34	3.29	3.4	3.12	2.97	3.26	3.47	3.58
Residual maturity of 2.0 years, monthly data	3.24	2.89	2.76	2.5	2.53	2.71	2.61	2.02	2.07	2.11	2.01	1.97	2.01	1.92	1.95	1.83	1.77	1.7	1.97	1.97	2.1	2.02	1.96	2.24	2.06	2.32	2.54	2.79	3.08	2.98	2.83	2.97	2.54	2.35	2.77	3.01	3.19
Residual maturity of 3.0 years, monthly data	3.29	2.93	2.79	2.5	2.55	2.72	2.62	2.07	2.16	2.21	2.09	2.04	2.08	2	2.03	1.92	1.85	1.77	2.03	1.97	2.09	2.02	1.88	2.17	1.93	2.15	2.33	2.58	2.89	2.74	2.55	2.71	2.25	2.05	2.49	2.75	2.93
Residual maturity of 4.0 years, monthly data	3.32	2.96	2.81	2.52	2.58	2.75	2.65	2.15	2.26	2.32	2.17	2.13	2.17	2.09	2.13	2.02	1.96	1.88	2.13	2.01	2.13	2.06	1.88	2.17	1.91	2.1	2.23	2.46	2.77	2.6	2.39	2.56	2.12	1.92	2.34	2.64	2.81
Residual maturity of 5.0 years, monthly data	3.36	3.01	2.86	2.56	2.64	2.8	2.71	2.25	2.37	2.43	2.27	2.23	2.27	2.2	2.24	2.14	2.07	2	2.24	2.08	2.19	2.13	1.91	2.21	1.93	2.09	2.2	2.4	2.7	2.53	2.3	2.48	2.08	1.88	2.27	2.62	2.77
Residual maturity of 6.0 years, monthly data	3.4	3.07	2.92	2.62	2.71	2.87	2.78	2.34	2.48	2.53	2.37	2.33	2.37	2.32	2.34	2.25	2.18	2.12	2.35	2.15	2.26	2.19	1.96	2.25	1.98	2.12	2.2	2.39	2.66	2.5	2.27	2.45	2.08	1.89	2.27	2.64	2.77
Residual maturity of 7.0 years, monthly data	3.46	3.14	2.98	2.69	2.78	2.94	2.86	2.44	2.59	2.63	2.46	2.42	2.47	2.43	2.45	2.35	2.29	2.22	2.46	2.22	2.32	2.26	2.01	2.3	2.03	2.16	2.23	2.4	2.66	2.49	2.27	2.45	2.11	1.92	2.3	2.67	2.78
Residual maturity of 8.0 years, monthly data	3.51	3.21	3.05	2.76	2.86	3.01	2.93	2.54	2.69	2.73	2.56	2.51	2.57	2.53	2.54	2.45	2.38	2.32	2.55	2.28	2.38	2.31	2.05	2.35	2.09	2.2	2.26	2.42	2.67	2.51	2.28	2.46	2.15	1.96	2.34	2.71	2.81
Residual maturity of 9.0 years, monthly data	3.56	3.27	3.12	2.83	2.93	3.08	3	2.63	2.78	2.81	2.64	2.6	2.65	2.63	2.63	2.53	2.47	2.41	2.64	2.34	2.44	2.37	2.1	2.4	2.15	2.24	2.3	2.45	2.68	2.53	2.3	2.49	2.19	2.01	2.39	2.75	2.84
Residual maturity of 10.0 years, monthly data	3.6	3.33	3.18	2.9	3	3.15	3.06	2.71	2.87	2.89	2.72	2.67	2.73	2.72	2.7	2.6	2.55	2.48	2.71	2.4	2.49	2.41	2.14	2.44	2.2	2.28	2.34	2.49	2.71	2.56	2.33	2.51	2.23	2.06	2.44	2.79	2.86
Residual maturity of 11.0 years, monthly data	3.64	3.39	3.23	2.95	3.06	3.2	3.11	2.79	2.94	2.96	2.8	2.74	2.8	2.79	2.77	2.67	2.61	2.55	2.77	2.44	2.53	2.45	2.17	2.48	2.24	2.32	2.38	2.52	2.74	2.59	2.36	2.54	2.27	2.1	2.49	2.83	2.89
Residual maturity of 12.0 years, monthly data	3.68	3.43	3.28	3.01	3.11	3.25	3.16	2.86	3.01	3.03	2.86	2.8	2.87	2.86	2.83	2.73	2.67	2.61	2.82	2.48	2.57	2.49	2.2	2.51	2.28	2.36	2.41	2.56	2.76	2.62	2.39	2.57	2.3	2.14	2.54	2.86	2.91
Residual maturity of 13.0 years, monthly data	3.7	3.48	3.33	3.06	3.16	3.29	3.2	2.92	3.07	3.08	2.92	2.86	2.92	2.92	2.88	2.78	2.73	2.66	2.86	2.52	2.6	2.52	2.23	2.54	2.32	2.39	2.44	2.58	2.79	2.64	2.41	2.59	2.33	2.17	2.58	2.89	2.93
Residual maturity of 14.0 years, monthly data	3.73	3.51	3.36	3.1	3.2	3.33	3.23	2.98	3.13	3.13	2.97	2.91	2.97	2.97	2.92	2.82	2.77	2.7	2.89	2.55	2.63	2.54	2.25	2.56	2.35	2.41	2.47	2.61	2.81	2.66	2.43	2.61	2.36	2.2	2.61	2.92	2.95
Residual maturity of 15.0 years, monthly data	3.75	3.55	3.4	3.13	3.24	3.36	3.26	3.03	3.17	3.18	3.02	2.95	3.01	3.01	2.96	2.86	2.81	2.73	2.92	2.57	2.65	2.56	2.27	2.58	2.38	2.44	2.49	2.63	2.83	2.68	2.45	2.62	2.38	2.22	2.63	2.95	2.97
Residual maturity of 16.0 years, monthly data	3.77	3.58	3.43	3.17	3.27	3.39	3.29	3.07	3.22	3.22	3.06	2.99	3.05	3.05	2.99	2.89	2.84	2.76	2.95	2.59	2.67	2.58	2.29	2.6	2.4	2.45	2.51	2.65	2.85	2.69	2.46	2.64	2.4	2.24	2.65	2.97	2.98
Residual maturity of 17.0 years, monthly data	3.79	3.6	3.45	3.2	3.3	3.41	3.31	3.11	3.25	3.25	3.09	3.02	3.08	3.08	3.01	2.92	2.87	2.79	2.96	2.61	2.69	2.59	2.3	2.61	2.42	2.47	2.52	2.66	2.86	2.7	2.47	2.65	2.42	2.25	2.66	2.98	2.99
Residual maturity of 18.0 years, monthly data	3.8	3.62	3.48	3.22	3.32	3.43	3.33	3.14	3.28	3.28	3.12	3.04	3.1	3.11	3.03	2.94	2.89	2.81	2.98	2.62	2.7	2.6	2.31	2.62	2.44	2.48	2.53	2.66	2.86	2.71	2.48	2.65	2.43	2.27	2.67	3	3
Residual maturity of 19.0 years, monthly data	3.82	3.64	3.5	3.25	3.34	3.45	3.35	3.17	3.31	3.3	3.15	3.06	3.12	3.13	3.05	2.96	2.91	2.82	2.99	2.63	2.71	2.61	2.31	2.63	2.45	2.49	2.54	2.67	2.87	2.71	2.48	2.66	2.44	2.27	2.68	3.01	3
Residual maturity of 20.0 years, monthly data	3.83	3.66	3.52	3.27	3.36	3.47	3.36	3.19	3.33	3.32	3.17	3.08	3.14	3.15	3.06	2.97	2.92	2.83	3	2.64	2.71	2.61	2.32	2.64	2.46	2.5	2.55	2.67	2.87	2.71	2.48	2.66	2.44	2.28	2.68	3.01	3.01
Residual maturity of 21.0 years, monthly data	3.84	3.68	3.54	3.29	3.38	3.49	3.38	3.21	3.35	3.34	3.19	3.1	3.16	3.17	3.07	2.98	2.94	2.84	3	2.64	2.72	2.61	2.32	2.64	2.47	2.5	2.55	2.67	2.87	2.71	2.48	2.66	2.45	2.28	2.68	3.02	3.01
Residual maturity of 22.0 years, monthly data	3.85	3.69	3.55	3.3	3.4	3.5	3.39	3.23	3.37	3.36	3.2	3.11	3.17	3.18	3.08	2.99	2.94	2.85	3.01	2.65	2.72	2.62	2.32	2.64	2.48	2.51	2.56	2.67	2.87	2.71	2.48	2.65	2.45	2.28	2.68	3.02	3.01
Residual maturity of 23.0 years, monthly data	3.86	3.71	3.56	3.32	3.41	3.51	3.4	3.25	3.39	3.37	3.22	3.12	3.18	3.19	3.09	3	2.95	2.85	3.01	2.65	2.72	2.61	2.32	2.64	2.48	2.51	2.55	2.66	2.86	2.7	2.48	2.65	2.45	2.28	2.67	3.03	3.01
Residual maturity of 24.0 years, monthly data	3.87	3.72	3.58	3.33	3.43	3.53	3.41	3.26	3.4	3.38	3.23	3.13	3.19	3.2	3.09	3	2.95	2.85	3.01	2.64	2.72	2.61	2.32	2.64	2.48	2.51	2.55	2.66	2.85	2.69	2.47	2.64	2.44	2.27	2.67	3.03	3
Residual maturity of 25.0 years, monthly data	3.88	3.73	3.59	3.35	3.44	3.54	3.42	3.27	3.41	3.39	3.23	3.14	3.19	3.21	3.1	3	2.95	2.85	3.01	2.64	2.71	2.61	2.32	2.63	2.48	2.5	2.55	2.65	2.84	2.68	2.47	2.63	2.44	2.27	2.66	3.02	3
Residual maturity of 26.0 years, monthly data	3.88	3.74	3.6	3.36	3.45	3.55	3.43	3.28	3.42	3.4	3.24	3.14	3.2	3.22	3.1	3	2.95	2.84	3.01	2.64	2.71	2.6	2.31	2.63	2.48	2.5	2.54	2.64	2.83	2.68	2.46	2.63	2.43	2.26	2.65	3.02	3
Residual maturity of 27.0 years, monthly data	3.89	3.75	3.61	3.37	3.46	3.55	3.44	3.29	3.43	3.4	3.25	3.15	3.2	3.22	3.1	3	2.95	2.84	3.01	2.63	2.7	2.6	2.31	2.62	2.48	2.49	2.54	2.63	2.82	2.67	2.45	2.62	2.42	2.25	2.64	3.02	2.99
Residual maturity of 28.0 years, monthly data	3.89	3.76	3.62	3.38	3.47	3.56	3.45	3.3	3.43	3.41	3.25	3.15	3.21	3.23	3.1	3	2.95	2.83	3.01	2.62	2.69	2.59	2.3	2.61	2.47	2.49	2.53	2.62	2.81	2.66	2.44	2.61	2.42	2.24	2.64	3.01	2.98
Residual maturity of 29.0 years, monthly data	3.9	3.77	3.63	3.39	3.48	3.57	3.46	3.3	3.44	3.41	3.25	3.15	3.21	3.23	3.1	2.99	2.94	2.83	3	2.61	2.69	2.58	2.29	2.61	2.47	2.48	2.52	2.61	2.79	2.65	2.43	2.6	2.41	2.23	2.63	3.01	2.97
Residual maturity of 30.0 years, monthly data	3.9	3.78	3.63	3.4	3.49	3.58	3.46	3.31	3.45	3.41	3.26	3.15	3.21	3.23	3.1	2.99	2.94	2.82	3	2.61	2.68	2.57	2.29	2.6	2.46	2.47	2.51	2.6	2.78	2.63	2.42	2.59	2.4	2.22	2.62	3	2.97
Real and base interest rates3
Expected real yields4
Germany of German Government Bonds with 5	1.03	0.71	0.63	0.55	0.6	0.52	0.43	0.27	0.34	0.41	0.21	0.17	0.18	0.19	0.15	0.03	0.09	-0.04	0.49	0.24	0.43	0	0.16	0.12	-0.04	0.06	0.42	0.37	0.35	0.22	0.16	0.12	-0.1	-0.12	0.27	0.26	0.19
Germany of German Government Bonds with 10	1.34	1.05	0.99	0.94	1	0.94	0.86	0.75	0.78	0.81	0.64	0.61	0.62	0.64	0.64	0.46	0.54	0.45	0.88	0.45	0.61	0.14	0.3	0.22	0.07	0.15	0.45	0.37	0.34	0.24	0.2	0.21	0.05	-0.01	0.45	0.5	0.35
Germany, based on debt securities outstanding issued by residents, with 5	1.41	1.1	0.98	0.91	0.96	0.9	0.82	0.64	0.72	0.75	0.57	0.5	0.48	0.49	0.47	0.36	0.46	0.39	0.82	0.57	0.79	0.35	0.5	0.5	0.34	0.47	0.83	0.78	0.7	0.58	0.52	0.54	0.34	0.3	0.69	0.81	0.67
Germany, based on debt securities outstanding issued by residents, with 10	1.49	1.22	1.09	1.06	1.13	1.07	0.99	0.85	0.88	0.96	0.81	0.77	0.78	0.8	0.77	0.56	0.66	0.62	1	0.61	0.77	0.34	0.51	0.48	0.37	0.44	0.68	0.69	0.7	0.62	0.6	0.61	0.36	0.32	0.77	0.97	0.78
Real bank interest rates6
Deposits, overnight, SUR101		-2.32	-2.24	-1.75	-2.06	-2.35	-2.17	-1.42	-1.63	-1.34	-1.83	-1.83	-1.92	-1.73	-1.54	-1.5	-1.56	-1.57	-1.64	-1.74	-1.7	-1.99	-1.62	-1.41	-1.01	-1.29	-1.68	-1.58	-1.76	-1.57	-1.57	-1.87	-2.22	-2.99	-2.53	-3.12	-3.78
Deposits with an agreed maturity of up to 1 year, SUR102		-0.61	-0.56	-0.13	-0.58	-0.93	-0.78	-0.05	-0.25	-0.01	-0.51	-0.49	-0.62	-0.43	-0.26	-0.21	-0.23	-0.16	-0.09	-0.1	0.06	-0.11	0.43	0.75	1.3	1.12	0.78	0.89	0.8	0.99	1.05	0.76	0.36	-0.32	0.25	-0.38	-1.22
Deposits with an agreed maturity of over 1 and up to 2 years, SUR103		-0.25	-0.21	0.23	-0.22	-0.63	-0.55	0.1	-0.06	0.2	-0.29	-0.27	-0.4	-0.22	-0.06	-0.06	-0.1	0	-0.03	-0.07	-0.07	-0.32	0.28	0.5	0.99	0.83	0.51	0.69	0.5	0.73	0.72	0.53	0.22	-0.43	0.19	-0.33	-1.15
Deposits with an agreed maturity of over 2 years, SUR104		-0.17	-0.1	0.33	-0.09	-0.46	-0.38	0.36	0.22	0.5	-0.06	-0.17	-0.27	-0.11	0.09	0.03	-0.02	0.04	-0.07	-0.1	-0.06	-0.48	0.01	0.21	0.74	0.4	0.16	0.31	0.03	0.55	0.32	0.15	-0.09	-0.51	-0.02	-0.78	-1.51
Deposits redeemable at notice of up to 3 months, SUR105		-2.11	-2.02	-1.56	-1.86	-2.15	-1.96	-1.2	-1.39	-1.05	-1.59	-1.6	-1.7	-1.51	-1.32	-1.33	-1.41	-1.38	-1.47	-1.54	-1.53	-1.82	-1.43	-1.24	-0.83	-1.11	-1.51	-1.41	-1.6	-1.42	-1.43	-1.73	-2.13	-2.9	-2.46	-3.05	-3.74
Deposits redeemable at notice of over 3 months, SUR106		-0.92	-0.88	-0.45	-0.8	-1.13	-0.95	-0.16	-0.35	-0.05	-0.51	-0.48	-0.52	-0.25	-0.03	0.01	-0.03	-0.02	-0.08	-0.13	-0.07	-0.32	0.13	0.38	0.81	0.53	0.14	0.23	0.01	0.18	0.14	-0.19	-0.64	-1.48	-1.07	-1.79	-2.62
Statutory base rate1
Base rate as per Civil Code, End of month, SU0115	1.52	1.52	1.52	1.27	1.27	1.27	1.27	1.27	1.27	1.27	1.27	1.27	1.27	1.27	1.27	2.27	2.27	2.27	2.27	2.27	2.27	3.37	3.37	3.37	3.37	3.37	3.37	3.62	3.62	3.62	3.62	3.62	3.62	3.12	3.12	3.12	3.12
Discount rates under section 253 HGB2
10-year average50
Residual maturity of 1.0 year	1.63	1.6	1.57	1.55	1.52	1.5	1.47	1.45	1.43	1.41	1.4	1.38	1.36	1.35	1.33	1.31	1.3	1.28	1.26	1.24	1.22	1.2	1.18	1.16	1.14	1.12	1.09	1.07	1.04	1.02	0.99	0.96	0.94	0.91	0.89	0.86	0.83
Residual maturity of 2.0 year	1.64	1.6	1.57	1.55	1.52	1.5	1.47	1.45	1.43	1.41	1.39	1.37	1.36	1.34	1.33	1.31	1.3	1.28	1.26	1.24	1.22	1.2	1.18	1.17	1.15	1.13	1.11	1.09	1.06	1.04	1.01	0.99	0.97	0.95	0.93	0.91	0.89
Residual maturity of 3.0 year	1.66	1.62	1.59	1.56	1.54	1.51	1.49	1.47	1.45	1.43	1.41	1.39	1.38	1.36	1.35	1.33	1.31	1.3	1.28	1.26	1.24	1.22	1.2	1.19	1.17	1.15	1.13	1.11	1.09	1.07	1.05	1.03	1.01	0.99	0.98	0.96	0.94
Residual maturity of 4.0 year	1.7	1.67	1.64	1.61	1.58	1.56	1.53	1.51	1.49	1.47	1.45	1.44	1.42	1.41	1.39	1.37	1.36	1.34	1.32	1.3	1.29	1.27	1.25	1.23	1.21	1.2	1.18	1.16	1.14	1.12	1.1	1.09	1.07	1.06	1.05	1.03	1.01
Residual maturity of 5.0 year	1.75	1.72	1.69	1.66	1.63	1.61	1.59	1.56	1.54	1.53	1.51	1.49	1.48	1.46	1.45	1.43	1.42	1.4	1.38	1.36	1.34	1.32	1.31	1.29	1.27	1.26	1.24	1.22	1.2	1.19	1.17	1.16	1.14	1.13	1.12	1.11	1.09
Residual maturity of 6.0 year	1.81	1.77	1.74	1.72	1.69	1.67	1.65	1.62	1.6	1.59	1.57	1.55	1.54	1.52	1.51	1.49	1.48	1.46	1.45	1.43	1.41	1.39	1.37	1.36	1.34	1.32	1.31	1.29	1.28	1.26	1.25	1.24	1.23	1.22	1.21	1.2	1.18
Residual maturity of 7.0 year	1.86	1.83	1.8	1.78	1.75	1.73	1.71	1.68	1.67	1.65	1.63	1.62	1.6	1.59	1.57	1.56	1.55	1.53	1.51	1.49	1.47	1.46	1.44	1.42	1.41	1.39	1.38	1.37	1.35	1.34	1.33	1.32	1.31	1.3	1.29	1.28	1.27
Residual maturity of 8.0 year	1.92	1.89	1.87	1.84	1.81	1.79	1.77	1.75	1.73	1.71	1.7	1.68	1.67	1.66	1.64	1.63	1.62	1.6	1.58	1.56	1.54	1.53	1.51	1.5	1.48	1.47	1.45	1.44	1.43	1.42	1.41	1.4	1.39	1.39	1.38	1.37	1.36
Residual maturity of 9.0 year	1.98	1.95	1.93	1.9	1.88	1.86	1.83	1.81	1.8	1.78	1.76	1.75	1.73	1.72	1.71	1.7	1.68	1.67	1.65	1.63	1.61	1.6	1.58	1.57	1.55	1.54	1.53	1.52	1.51	1.49	1.49	1.48	1.47	1.47	1.46	1.46	1.45
Residual maturity of 10.0 year	2.04	2.01	1.99	1.96	1.94	1.92	1.9	1.88	1.86	1.84	1.83	1.81	1.8	1.79	1.78	1.76	1.75	1.73	1.72	1.7	1.68	1.66	1.65	1.64	1.62	1.61	1.6	1.59	1.58	1.57	1.56	1.56	1.55	1.55	1.55	1.54	1.53
Residual maturity of 11.0 year	2.1	2.07	2.04	2.02	1.99	1.97	1.95	1.93	1.92	1.9	1.89	1.87	1.86	1.85	1.84	1.82	1.81	1.8	1.78	1.76	1.74	1.73	1.71	1.7	1.69	1.68	1.67	1.66	1.65	1.64	1.63	1.63	1.62	1.62	1.62	1.62	1.61
Residual maturity of 12.0 year	2.14	2.11	2.09	2.06	2.04	2.02	2	1.98	1.96	1.95	1.93	1.92	1.91	1.9	1.89	1.87	1.86	1.85	1.83	1.81	1.79	1.78	1.76	1.75	1.74	1.73	1.72	1.71	1.7	1.7	1.69	1.69	1.68	1.68	1.68	1.68	1.67
Residual maturity of 13.0 year	2.18	2.16	2.13	2.1	2.08	2.06	2.04	2.02	2.01	1.99	1.98	1.96	1.95	1.94	1.93	1.92	1.91	1.89	1.87	1.85	1.84	1.82	1.81	1.8	1.79	1.78	1.77	1.76	1.75	1.75	1.74	1.74	1.74	1.74	1.74	1.73	1.72
Residual maturity of 14.0 year	2.22	2.19	2.16	2.14	2.12	2.1	2.08	2.06	2.04	2.03	2.01	2	1.99	1.98	1.97	1.96	1.94	1.93	1.91	1.89	1.88	1.86	1.85	1.84	1.83	1.82	1.81	1.8	1.8	1.79	1.79	1.79	1.78	1.78	1.78	1.78	1.77
Residual maturity of 15.0 year	2.25	2.22	2.19	2.17	2.15	2.13	2.11	2.09	2.07	2.06	2.05	2.03	2.02	2.01	2	1.99	1.98	1.96	1.95	1.93	1.91	1.9	1.88	1.88	1.87	1.86	1.85	1.84	1.83	1.83	1.83	1.82	1.82	1.82	1.82	1.82	1.81
Residual maturity of 16.0 year	2.26	2.23	2.2	2.18	2.16	2.14	2.12	2.1	2.09	2.07	2.06	2.05	2.03	2.02	2.01	2	1.99	1.98	1.96	1.94	1.93	1.91	1.9	1.89	1.88	1.88	1.87	1.86	1.85	1.85	1.85	1.85	1.84	1.84	1.85	1.84	1.84
Residual maturity of 17.0 year	2.27	2.24	2.21	2.19	2.17	2.15	2.13	2.11	2.1	2.08	2.07	2.06	2.05	2.04	2.02	2.01	2	1.99	1.97	1.95	1.94	1.93	1.91	1.91	1.9	1.89	1.88	1.88	1.87	1.87	1.86	1.86	1.86	1.86	1.87	1.86	1.86
Residual maturity of 18.0 year	2.27	2.25	2.22	2.2	2.18	2.16	2.14	2.12	2.11	2.09	2.08	2.07	2.06	2.05	2.04	2.02	2.01	2	1.98	1.96	1.95	1.94	1.93	1.92	1.91	1.9	1.9	1.89	1.89	1.88	1.88	1.88	1.88	1.88	1.88	1.88	1.88
Residual maturity of 19.0 year	2.28	2.26	2.23	2.21	2.19	2.17	2.15	2.13	2.11	2.1	2.09	2.08	2.06	2.05	2.04	2.03	2.02	2.01	1.99	1.97	1.96	1.95	1.94	1.93	1.92	1.92	1.91	1.9	1.9	1.9	1.89	1.89	1.89	1.9	1.9	1.9	1.89
Residual maturity of 20.0 year	2.29	2.26	2.24	2.21	2.19	2.17	2.16	2.14	2.12	2.11	2.1	2.08	2.07	2.06	2.05	2.04	2.03	2.02	2	1.98	1.97	1.96	1.95	1.94	1.93	1.93	1.92	1.92	1.91	1.91	1.91	1.91	1.91	1.91	1.91	1.91	1.91
Residual maturity of 21.0 year	2.28	2.25	2.23	2.2	2.18	2.17	2.15	2.13	2.11	2.1	2.09	2.08	2.06	2.06	2.04	2.03	2.02	2.01	2	1.98	1.96	1.95	1.94	1.94	1.93	1.92	1.92	1.91	1.91	1.91	1.9	1.91	1.91	1.91	1.91	1.91	1.91
Residual maturity of 22.0 year	2.27	2.25	2.22	2.2	2.18	2.16	2.14	2.12	2.11	2.09	2.08	2.07	2.06	2.05	2.04	2.03	2.02	2	1.99	1.97	1.96	1.95	1.94	1.93	1.93	1.92	1.91	1.91	1.91	1.9	1.9	1.91	1.91	1.91	1.91	1.91	1.91
Residual maturity of 23.0 year	2.26	2.24	2.21	2.19	2.17	2.15	2.13	2.12	2.1	2.09	2.07	2.06	2.05	2.04	2.03	2.02	2.01	2	1.98	1.97	1.95	1.94	1.93	1.93	1.92	1.92	1.91	1.91	1.9	1.9	1.9	1.9	1.9	1.91	1.91	1.91	1.91
Residual maturity of 24.0 year	2.26	2.23	2.21	2.18	2.16	2.14	2.13	2.11	2.09	2.08	2.07	2.06	2.05	2.04	2.03	2.02	2.01	1.99	1.98	1.96	1.95	1.94	1.93	1.92	1.92	1.91	1.91	1.9	1.9	1.9	1.9	1.9	1.9	1.91	1.91	1.91	1.91
Residual maturity of 25.0 year	2.25	2.22	2.2	2.18	2.16	2.14	2.12	2.1	2.09	2.07	2.06	2.05	2.04	2.03	2.02	2.01	2	1.99	1.97	1.96	1.94	1.93	1.92	1.92	1.91	1.91	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.91	1.91	1.91	1.91
Residual maturity of 26.0 year	2.23	2.21	2.19	2.16	2.14	2.13	2.11	2.09	2.08	2.06	2.05	2.04	2.03	2.02	2.01	2	1.99	1.98	1.96	1.94	1.93	1.92	1.91	1.91	1.9	1.9	1.89	1.89	1.89	1.89	1.89	1.89	1.89	1.9	1.9	1.9	1.9
Residual maturity of 27.0 year	2.22	2.2	2.17	2.15	2.13	2.11	2.1	2.08	2.06	2.05	2.04	2.03	2.02	2.01	2	1.99	1.98	1.96	1.95	1.93	1.92	1.91	1.9	1.9	1.89	1.89	1.89	1.88	1.88	1.88	1.88	1.89	1.89	1.89	1.9	1.9	1.89
Residual maturity of 28.0 year	2.21	2.19	2.16	2.14	2.12	2.1	2.09	2.07	2.05	2.04	2.03	2.01	2	2	1.99	1.97	1.97	1.95	1.94	1.92	1.91	1.9	1.89	1.89	1.89	1.88	1.88	1.88	1.87	1.87	1.87	1.88	1.88	1.88	1.89	1.89	1.89
Residual maturity of 29.0 year	2.2	2.17	2.15	2.13	2.11	2.09	2.08	2.06	2.04	2.03	2.02	2	1.99	1.99	1.98	1.96	1.96	1.94	1.93	1.91	1.9	1.89	1.89	1.88	1.88	1.87	1.87	1.87	1.87	1.87	1.87	1.87	1.87	1.88	1.88	1.88	1.88
Residual maturity of 30.0 year	2.19	2.16	2.14	2.12	2.1	2.08	2.07	2.05	2.03	2.02	2.01	2	1.99	1.98	1.97	1.96	1.95	1.94	1.92	1.9	1.89	1.88	1.88	1.87	1.87	1.87	1.86	1.86	1.86	1.86	1.86	1.86	1.87	1.87	1.88	1.88	1.88
Residual maturity of 31.0 year	2.17	2.15	2.13	2.1	2.08	2.07	2.05	2.04	2.02	2.01	1.99	1.98	1.97	1.96	1.95	1.94	1.93	1.92	1.91	1.89	1.88	1.87	1.87	1.86	1.86	1.86	1.85	1.85	1.85	1.85	1.85	1.86	1.86	1.86	1.87	1.87	1.87
Residual maturity of 32.0 year	2.16	2.14	2.11	2.09	2.07	2.06	2.04	2.02	2.01	1.99	1.98	1.97	1.96	1.95	1.94	1.93	1.92	1.91	1.9	1.88	1.87	1.86	1.86	1.85	1.85	1.85	1.84	1.84	1.84	1.84	1.84	1.85	1.85	1.85	1.86	1.86	1.86
Residual maturity of 33.0 year	2.15	2.12	2.1	2.08	2.06	2.04	2.03	2.01	2	1.98	1.97	1.96	1.95	1.94	1.93	1.92	1.91	1.9	1.89	1.87	1.86	1.85	1.85	1.84	1.84	1.84	1.83	1.83	1.83	1.83	1.83	1.84	1.84	1.85	1.85	1.85	1.85
Residual maturity of 34.0 year	2.14	2.11	2.09	2.07	2.05	2.03	2.02	2	1.99	1.97	1.96	1.95	1.94	1.93	1.92	1.91	1.9	1.89	1.88	1.86	1.85	1.84	1.84	1.83	1.83	1.83	1.82	1.82	1.82	1.82	1.83	1.83	1.84	1.84	1.85	1.85	1.85
Residual maturity of 35.0 year	2.12	2.1	2.08	2.06	2.04	2.02	2.01	1.99	1.98	1.96	1.95	1.94	1.93	1.92	1.91	1.9	1.89	1.88	1.87	1.85	1.84	1.83	1.83	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.83	1.83	1.84	1.84	1.84
Residual maturity of 36.0 year	2.11	2.09	2.07	2.05	2.03	2.01	2	1.98	1.97	1.95	1.94	1.93	1.92	1.91	1.9	1.89	1.88	1.87	1.86	1.84	1.83	1.82	1.82	1.82	1.81	1.81	1.81	1.81	1.81	1.81	1.81	1.82	1.82	1.83	1.83	1.83	1.83

Latest reading

The series on this page is monthly and runs from Sep 1972 to Sep 2026. Source: Deutsche Bundesbank.

About this data

Germany government bond yield curve and monthly interest rates, from the Deutsche Bundesbank. The table features the estimated federal government yield curve measured by residual maturity up to 47 years. It also includes expected real yields and the specific discount rates required under the Commercial Code (HGB). These German interest rates are recorded as month-end values and moving averages in % p.a., with data available since 1972.

Frequently asked questions

What is the latest figure for Germany government bond yield curve?: Residual maturity of 10.0 years, monthly data stood at 3.6% in Sep 2026. That is +0.3 pp from Aug 2026 and +0.9 pp from a year earlier.
Is Germany government bond yield curve at a high or a low right now?: The reading of 3.6% is the highest since Jun 2009.
How far back does the Germany government bond yield curve data go?: The series on this page is monthly and runs from Sep 1972 to Sep 2026. Source: Deutsche Bundesbank. Every series in the table can be charted over its full history and downloaded as CSV or Excel.
What does the Germany government bond yield curve measure?: The curve estimates the interest rates of German federal government debt securities outstanding. It shows the yields for different residual maturities, ranging from one year up to 47 years.
What other German interest rates are included alongside the yield curve?: Besides the German federal government yield curve, the dataset includes expected real yields and deposits redeemable at notice in Germany. It also features the statutory base rate and the discount rates under the Commercial Code (HGB).
How should the Germany yield curve data be read?: The interest rates are expressed as an annual percentage rate (% p.a.) and are categorised by their residual maturity. The data is presented using both specific monthly data points and moving averages.