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Germany government bond yield curve, real and HGB discount rates, monthly

German interest rates at monthly frequency, all read by residual maturity: the estimated federal government yield curve as month-end values and as moving averages, expected real yields together with the statutory base rate under section 247 of the Civil Code, and the discount rates under section 253 of the Commercial Code that German companies must use to value pension provisions.

Source: Deutsche BundesbankLast updated: Sep 14, 2026, 11:42Curated by Bui Thanh PhucAbout this data ↓

Indicator09-202608-202607-202606-202605-202604-202603-202602-202601-202612-202511-202510-202509-202508-202507-202506-202505-202504-202503-202502-202501-202512-202411-202410-202409-202408-202407-202406-202405-202404-202403-202402-202401-202412-202311-202310-202309-2023
Government yield curve: moving averages15
Residual maturity of 1 year, moving averages2.272.22.142.092.031.961.921.921.941.951.982.022.062.132.222.322.462.592.72.812.882.953.043.123.213.273.33.333.33.263.223.23.163.113.012.88
Residual maturity of 2 years, moving averages2.152.132.122.132.152.172.182.222.242.252.282.322.372.412.462.522.562.62.632.672.692.722.722.712.692.642.542.452.342.232.11.961.831.71.551.4
Residual maturity of 3 years, moving averages2.32.32.32.312.312.32.32.322.332.342.342.332.322.32.252.222.192.152.12.031.961.891.811.741.671.581.51.411.311.211.121.030.940.860.770.67
Residual maturity of 4 years, moving averages2.322.282.232.22.162.112.072.021.961.91.841.791.731.671.611.551.51.441.391.331.271.211.161.091.040.980.920.850.780.710.640.570.520.460.40.33
Residual maturity of 5 years, moving averages1.91.841.781.731.671.621.561.511.461.411.361.311.251.211.161.111.071.020.970.920.880.830.790.740.70.650.60.550.490.440.40.350.310.280.230.19
Residual maturity of 6 years, moving averages1.511.461.411.371.321.271.221.181.141.11.061.010.970.930.890.850.810.770.740.70.670.640.610.570.550.520.490.450.410.380.350.320.290.270.230.19
Residual maturity of 7 years, moving averages1.251.211.171.131.091.051.010.980.950.920.890.860.830.810.780.750.720.70.670.650.630.60.580.550.530.50.480.450.420.380.360.320.30.280.250.21
Residual maturity of 8 years, moving averages1.121.091.061.031.010.980.950.930.910.880.860.830.810.780.760.740.710.690.660.640.610.590.570.540.520.490.460.440.410.380.360.330.310.290.270.25
Residual maturity of 9 years, moving averages1.091.061.031.010.990.960.930.910.890.860.840.820.790.760.740.710.690.670.640.620.60.580.570.550.530.520.50.490.460.440.420.40.390.370.350.34
Residual maturity of 10 years, moving averages1.061.0310.980.950.930.90.880.860.840.820.810.790.770.750.740.720.710.680.670.650.630.620.610.60.590.580.570.560.550.540.530.530.530.520.52
Residual maturity of 11 years, moving averages1.041.0210.990.970.950.930.910.890.870.860.850.830.820.810.80.790.790.780.770.770.760.760.760.760.750.750.740.740.730.720.710.710.70.70.69
Residual maturity of 12 years, moving averages1.071.051.041.031.021.01110.990.980.980.970.970.960.960.950.950.940.930.920.920.910.910.90.90.90.890.890.880.880.870.870.870.870.870.87
Residual maturity of 13 years, moving averages1.181.181.171.161.151.141.131.131.121.111.11.11.091.081.081.071.071.061.061.061.061.051.061.061.061.061.061.071.071.081.091.091.11.111.111.11
Residual maturity of 14 years, moving averages1.291.281.271.261.261.251.241.241.241.231.231.231.231.231.231.231.231.241.251.251.261.261.271.271.271.271.281.281.281.291.291.31.311.321.321.33
Residual maturity of 15 years, moving averages1.41.41.41.41.41.41.411.411.411.411.411.411.411.411.411.411.421.421.421.431.441.451.451.461.471.481.481.491.51.511.511.521.531.541.541.55
Government yield curve: month-end estimates30
Residual maturity of 1.0 years, monthly data2.762.662.462.452.592.51222.021.961.921.961.891.91.821.781.752.012.072.22.172.232.462.442.712.953.123.363.343.293.43.122.973.263.473.58
Residual maturity of 2.0 years, monthly data2.892.762.52.532.712.612.022.072.112.011.972.011.921.951.831.771.71.971.972.12.021.962.242.062.322.542.793.082.982.832.972.542.352.773.013.19
Residual maturity of 3.0 years, monthly data2.932.792.52.552.722.622.072.162.212.092.042.0822.031.921.851.772.031.972.092.021.882.171.932.152.332.582.892.742.552.712.252.052.492.752.93
Residual maturity of 4.0 years, monthly data2.962.812.522.582.752.652.152.262.322.172.132.172.092.132.021.961.882.132.012.132.061.882.171.912.12.232.462.772.62.392.562.121.922.342.642.81
Residual maturity of 5.0 years, monthly data3.012.862.562.642.82.712.252.372.432.272.232.272.22.242.142.0722.242.082.192.131.912.211.932.092.22.42.72.532.32.482.081.882.272.622.77
Residual maturity of 6.0 years, monthly data3.072.922.622.712.872.782.342.482.532.372.332.372.322.342.252.182.122.352.152.262.191.962.251.982.122.22.392.662.52.272.452.081.892.272.642.77
Residual maturity of 7.0 years, monthly data3.142.982.692.782.942.862.442.592.632.462.422.472.432.452.352.292.222.462.222.322.262.012.32.032.162.232.42.662.492.272.452.111.922.32.672.78
Residual maturity of 8.0 years, monthly data3.213.052.762.863.012.932.542.692.732.562.512.572.532.542.452.382.322.552.282.382.312.052.352.092.22.262.422.672.512.282.462.151.962.342.712.81
Residual maturity of 9.0 years, monthly data3.273.122.832.933.0832.632.782.812.642.62.652.632.632.532.472.412.642.342.442.372.12.42.152.242.32.452.682.532.32.492.192.012.392.752.84
Residual maturity of 10.0 years, monthly data3.333.182.933.153.062.712.872.892.722.672.732.722.72.62.552.482.712.42.492.412.142.442.22.282.342.492.712.562.332.512.232.062.442.792.86
Residual maturity of 11.0 years, monthly data3.393.232.953.063.23.112.792.942.962.82.742.82.792.772.672.612.552.772.442.532.452.172.482.242.322.382.522.742.592.362.542.272.12.492.832.89
Residual maturity of 12.0 years, monthly data3.433.283.013.113.253.162.863.013.032.862.82.872.862.832.732.672.612.822.482.572.492.22.512.282.362.412.562.762.622.392.572.32.142.542.862.91
Residual maturity of 13.0 years, monthly data3.483.333.063.163.293.22.923.073.082.922.862.922.922.882.782.732.662.862.522.62.522.232.542.322.392.442.582.792.642.412.592.332.172.582.892.93
Residual maturity of 14.0 years, monthly data3.513.363.13.23.333.232.983.133.132.972.912.972.972.922.822.772.72.892.552.632.542.252.562.352.412.472.612.812.662.432.612.362.22.612.922.95
Residual maturity of 15.0 years, monthly data3.553.43.133.243.363.263.033.173.183.022.953.013.012.962.862.812.732.922.572.652.562.272.582.382.442.492.632.832.682.452.622.382.222.632.952.97
Residual maturity of 16.0 years, monthly data3.583.433.173.273.393.293.073.223.223.062.993.053.052.992.892.842.762.952.592.672.582.292.62.42.452.512.652.852.692.462.642.42.242.652.972.98
Residual maturity of 17.0 years, monthly data3.63.453.23.33.413.313.113.253.253.093.023.083.083.012.922.872.792.962.612.692.592.32.612.422.472.522.662.862.72.472.652.422.252.662.982.99
Residual maturity of 18.0 years, monthly data3.623.483.223.323.433.333.143.283.283.123.043.13.113.032.942.892.812.982.622.72.62.312.622.442.482.532.662.862.712.482.652.432.272.6733
Residual maturity of 19.0 years, monthly data3.643.53.253.343.453.353.173.313.33.153.063.123.133.052.962.912.822.992.632.712.612.312.632.452.492.542.672.872.712.482.662.442.272.683.013
Residual maturity of 20.0 years, monthly data3.663.523.273.363.473.363.193.333.323.173.083.143.153.062.972.922.8332.642.712.612.322.642.462.52.552.672.872.712.482.662.442.282.683.013.01
Residual maturity of 21.0 years, monthly data3.683.543.293.383.493.383.213.353.343.193.13.163.173.072.982.942.8432.642.722.612.322.642.472.52.552.672.872.712.482.662.452.282.683.023.01
Residual maturity of 22.0 years, monthly data3.693.553.33.43.53.393.233.373.363.23.113.173.183.082.992.942.853.012.652.722.622.322.642.482.512.562.672.872.712.482.652.452.282.683.023.01
Residual maturity of 23.0 years, monthly data3.713.563.323.413.513.43.253.393.373.223.123.183.193.0932.952.853.012.652.722.612.322.642.482.512.552.662.862.72.482.652.452.282.673.033.01
Residual maturity of 24.0 years, monthly data3.723.583.333.433.533.413.263.43.383.233.133.193.23.0932.952.853.012.642.722.612.322.642.482.512.552.662.852.692.472.642.442.272.673.033
Residual maturity of 25.0 years, monthly data3.733.593.353.443.543.423.273.413.393.233.143.193.213.132.952.853.012.642.712.612.322.632.482.52.552.652.842.682.472.632.442.272.663.023
Residual maturity of 26.0 years, monthly data3.743.63.363.453.553.433.283.423.43.243.143.23.223.132.952.843.012.642.712.62.312.632.482.52.542.642.832.682.462.632.432.262.653.023
Residual maturity of 27.0 years, monthly data3.753.613.373.463.553.443.293.433.43.253.153.23.223.132.952.843.012.632.72.62.312.622.482.492.542.632.822.672.452.622.422.252.643.022.99
Residual maturity of 28.0 years, monthly data3.763.623.383.473.563.453.33.433.413.253.153.213.233.132.952.833.012.622.692.592.32.612.472.492.532.622.812.662.442.612.422.242.643.012.98
Residual maturity of 29.0 years, monthly data3.773.633.393.483.573.463.33.443.413.253.153.213.233.12.992.942.8332.612.692.582.292.612.472.482.522.612.792.652.432.62.412.232.633.012.97
Residual maturity of 30.0 years, monthly data3.783.633.43.493.583.463.313.453.413.263.153.213.233.12.992.942.8232.612.682.572.292.62.462.472.512.62.782.632.422.592.42.222.6232.97
Real and base interest rates3
Expected real yields4
Germany of German Government Bonds with 50.630.550.60.520.430.270.340.410.210.170.180.190.150.030.09-0.040.490.240.4300.160.12-0.040.060.420.370.350.220.160.12-0.1-0.120.270.260.19
Germany of German Government Bonds with 100.990.9410.940.860.750.780.810.640.610.620.640.640.460.540.450.880.450.610.140.30.220.070.150.450.370.340.240.20.210.05-0.010.450.50.35
Germany, based on debt securities outstanding issued by residents, with 50.980.910.960.90.820.640.720.750.570.50.480.490.470.360.460.390.820.570.790.350.50.50.340.470.830.780.70.580.520.540.340.30.690.810.67
Germany, based on debt securities outstanding issued by residents, with 101.091.061.131.070.990.850.880.960.810.770.780.80.770.560.660.6210.610.770.340.510.480.370.440.680.690.70.620.60.610.360.320.770.970.78
Real bank interest rates6
Deposits, overnight, SUR101-2.24-1.75-2.06-2.35-2.17-1.42-1.63-1.34-1.83-1.83-1.92-1.73-1.54-1.5-1.56-1.57-1.64-1.74-1.7-1.99-1.62-1.41-1.01-1.29-1.68-1.58-1.76-1.57-1.57-1.87-2.22-2.99-2.53-3.12-3.78
Deposits with an agreed maturity of up to 1 year, SUR102-0.56-0.13-0.58-0.93-0.78-0.05-0.25-0.01-0.51-0.49-0.62-0.43-0.26-0.21-0.23-0.16-0.09-0.10.06-0.110.430.751.31.120.780.890.80.991.050.760.36-0.320.25-0.38-1.22
Deposits with an agreed maturity of over 1 and up to 2 years, SUR103-0.210.23-0.22-0.63-0.550.1-0.060.2-0.29-0.27-0.4-0.22-0.06-0.06-0.10-0.03-0.07-0.07-0.320.280.50.990.830.510.690.50.730.720.530.22-0.430.19-0.33-1.15
Deposits with an agreed maturity of over 2 years, SUR104-0.10.33-0.09-0.46-0.380.360.220.5-0.06-0.17-0.27-0.110.090.03-0.020.04-0.07-0.1-0.06-0.480.010.210.740.40.160.310.030.550.320.15-0.09-0.51-0.02-0.78-1.51
Deposits redeemable at notice of up to 3 months, SUR105-2.02-1.56-1.86-2.15-1.96-1.2-1.39-1.05-1.59-1.6-1.7-1.51-1.32-1.33-1.41-1.38-1.47-1.54-1.53-1.82-1.43-1.24-0.83-1.11-1.51-1.41-1.6-1.42-1.43-1.73-2.13-2.9-2.46-3.05-3.74
Deposits redeemable at notice of over 3 months, SUR106-0.88-0.45-0.8-1.13-0.95-0.16-0.35-0.05-0.51-0.48-0.52-0.25-0.030.01-0.03-0.02-0.08-0.13-0.07-0.320.130.380.810.530.140.230.010.180.14-0.19-0.64-1.48-1.07-1.79-2.62
Statutory base rate1
Base rate as per Civil Code, End of month, SU01151.521.521.521.271.271.271.271.271.271.271.271.271.271.271.272.272.272.272.272.272.273.373.373.373.373.373.373.623.623.623.623.623.623.123.123.123.12
Discount rates under section 253 HGB2
10-year average50
Residual maturity of 1.0 year1.61.571.551.521.51.471.451.431.411.41.381.361.351.331.311.31.281.261.241.221.21.181.161.141.121.091.071.041.020.990.960.940.910.890.860.83
Residual maturity of 2.0 year1.61.571.551.521.51.471.451.431.411.391.371.361.341.331.311.31.281.261.241.221.21.181.171.151.131.111.091.061.041.010.990.970.950.930.910.89
Residual maturity of 3.0 year1.621.591.561.541.511.491.471.451.431.411.391.381.361.351.331.311.31.281.261.241.221.21.191.171.151.131.111.091.071.051.031.010.990.980.960.94
Residual maturity of 4.0 year1.671.641.611.581.561.531.511.491.471.451.441.421.411.391.371.361.341.321.31.291.271.251.231.211.21.181.161.141.121.11.091.071.061.051.031.01
Residual maturity of 5.0 year1.721.691.661.631.611.591.561.541.531.511.491.481.461.451.431.421.41.381.361.341.321.311.291.271.261.241.221.21.191.171.161.141.131.121.111.09
Residual maturity of 6.0 year1.771.741.721.691.671.651.621.61.591.571.551.541.521.511.491.481.461.451.431.411.391.371.361.341.321.311.291.281.261.251.241.231.221.211.21.18
Residual maturity of 7.0 year1.831.81.781.751.731.711.681.671.651.631.621.61.591.571.561.551.531.511.491.471.461.441.421.411.391.381.371.351.341.331.321.311.31.291.281.27
Residual maturity of 8.0 year1.891.871.841.811.791.771.751.731.711.71.681.671.661.641.631.621.61.581.561.541.531.511.51.481.471.451.441.431.421.411.41.391.391.381.371.36
Residual maturity of 9.0 year1.951.931.91.881.861.831.811.81.781.761.751.731.721.711.71.681.671.651.631.611.61.581.571.551.541.531.521.511.491.491.481.471.471.461.461.45
Residual maturity of 10.0 year2.011.991.961.941.921.91.881.861.841.831.811.81.791.781.761.751.731.721.71.681.661.651.641.621.611.61.591.581.571.561.561.551.551.551.541.53
Residual maturity of 11.0 year2.072.042.021.991.971.951.931.921.91.891.871.861.851.841.821.811.81.781.761.741.731.711.71.691.681.671.661.651.641.631.631.621.621.621.621.61
Residual maturity of 12.0 year2.112.092.062.042.0221.981.961.951.931.921.911.91.891.871.861.851.831.811.791.781.761.751.741.731.721.711.71.71.691.691.681.681.681.681.67
Residual maturity of 13.0 year2.162.132.12.082.062.042.022.011.991.981.961.951.941.931.921.911.891.871.851.841.821.811.81.791.781.771.761.751.751.741.741.741.741.741.731.72
Residual maturity of 14.0 year2.192.162.142.122.12.082.062.042.032.0121.991.981.971.961.941.931.911.891.881.861.851.841.831.821.811.81.81.791.791.791.781.781.781.781.77
Residual maturity of 15.0 year2.222.192.172.152.132.112.092.072.062.052.032.022.0121.991.981.961.951.931.911.91.881.881.871.861.851.841.831.831.831.821.821.821.821.821.81
Residual maturity of 16.0 year2.232.22.182.162.142.122.12.092.072.062.052.032.022.0121.991.981.961.941.931.911.91.891.881.881.871.861.851.851.851.851.841.841.851.841.84
Residual maturity of 17.0 year2.242.212.192.172.152.132.112.12.082.072.062.052.042.022.0121.991.971.951.941.931.911.911.91.891.881.881.871.871.861.861.861.861.871.861.86
Residual maturity of 18.0 year2.252.222.22.182.162.142.122.112.092.082.072.062.052.042.022.0121.981.961.951.941.931.921.911.91.91.891.891.881.881.881.881.881.881.881.88
Residual maturity of 19.0 year2.262.232.212.192.172.152.132.112.12.092.082.062.052.042.032.022.011.991.971.961.951.941.931.921.921.911.91.91.91.891.891.891.91.91.91.89
Residual maturity of 20.0 year2.262.242.212.192.172.162.142.122.112.12.082.072.062.052.042.032.0221.981.971.961.951.941.931.931.921.921.911.911.911.911.911.911.911.911.91
Residual maturity of 21.0 year2.252.232.22.182.172.152.132.112.12.092.082.062.062.042.032.022.0121.981.961.951.941.941.931.921.921.911.911.911.91.911.911.911.911.911.91
Residual maturity of 22.0 year2.252.222.22.182.162.142.122.112.092.082.072.062.052.042.032.0221.991.971.961.951.941.931.931.921.911.911.911.91.91.911.911.911.911.911.91
Residual maturity of 23.0 year2.242.212.192.172.152.132.122.12.092.072.062.052.042.032.022.0121.981.971.951.941.931.931.921.921.911.911.91.91.91.91.91.911.911.911.91
Residual maturity of 24.0 year2.232.212.182.162.142.132.112.092.082.072.062.052.042.032.022.011.991.981.961.951.941.931.921.921.911.911.91.91.91.91.91.91.911.911.911.91
Residual maturity of 25.0 year2.222.22.182.162.142.122.12.092.072.062.052.042.032.022.0121.991.971.961.941.931.921.921.911.911.91.91.91.91.91.91.91.911.911.911.91
Residual maturity of 26.0 year2.212.192.162.142.132.112.092.082.062.052.042.032.022.0121.991.981.961.941.931.921.911.911.91.91.891.891.891.891.891.891.891.91.91.91.9
Residual maturity of 27.0 year2.22.172.152.132.112.12.082.062.052.042.032.022.0121.991.981.961.951.931.921.911.91.91.891.891.891.881.881.881.881.891.891.891.91.91.89
Residual maturity of 28.0 year2.192.162.142.122.12.092.072.052.042.032.01221.991.971.971.951.941.921.911.91.891.891.891.881.881.881.871.871.871.881.881.881.891.891.89
Residual maturity of 29.0 year2.172.152.132.112.092.082.062.042.032.0221.991.991.981.961.961.941.931.911.91.891.891.881.881.871.871.871.871.871.871.871.871.881.881.881.88
Residual maturity of 30.0 year2.162.142.122.12.082.072.052.032.022.0121.991.981.971.961.951.941.921.91.891.881.881.871.871.871.861.861.861.861.861.861.871.871.881.881.88
Residual maturity of 31.0 year2.152.132.12.082.072.052.042.022.011.991.981.971.961.951.941.931.921.911.891.881.871.871.861.861.861.851.851.851.851.851.861.861.861.871.871.87
Residual maturity of 32.0 year2.142.112.092.072.062.042.022.011.991.981.971.961.951.941.931.921.911.91.881.871.861.861.851.851.851.841.841.841.841.841.851.851.851.861.861.86
Residual maturity of 33.0 year2.122.12.082.062.042.032.0121.981.971.961.951.941.931.921.911.91.891.871.861.851.851.841.841.841.831.831.831.831.831.841.841.851.851.851.85
Residual maturity of 34.0 year2.112.092.072.052.032.0221.991.971.961.951.941.931.921.911.91.891.881.861.851.841.841.831.831.831.821.821.821.821.831.831.841.841.851.851.85
Residual maturity of 35.0 year2.12.082.062.042.022.011.991.981.961.951.941.931.921.911.91.891.881.871.851.841.831.831.821.821.821.821.821.821.821.821.821.831.831.841.841.84
Residual maturity of 36.0 year2.092.072.052.032.0121.981.971.951.941.931.921.911.91.891.881.871.861.841.831.821.821.821.811.811.811.811.811.811.811.821.821.831.831.831.83
Residual maturity of 37.0 year2.082.062.042.0221.991.971.961.941.931.921.911.91.891.881.871.861.851.831.821.821.811.811.811.81.81.81.81.81.811.811.821.821.831.831.83
Residual maturity of 38.0 year2.072.052.032.011.991.981.961.951.941.921.911.91.891.881.871.871.861.841.831.821.811.81.81.81.81.791.791.81.81.81.811.811.811.821.821.82
Residual maturity of 39.0 year2.062.042.0221.991.971.961.941.931.921.91.91.891.881.871.861.851.831.821.811.81.81.791.791.791.791.791.791.791.791.81.81.811.821.821.82
Residual maturity of 40.0 year2.062.032.011.991.981.961.951.931.921.911.91.891.881.871.861.851.841.831.811.81.791.791.791.791.781.781.781.781.791.791.791.81.81.811.811.81
Residual maturity of 41.0 year2.042.0221.981.961.951.941.921.911.91.881.881.871.861.851.841.831.821.81.791.781.781.781.771.771.771.771.771.781.781.781.791.791.81.81.8
Residual maturity of 42.0 year2.032.011.991.971.951.941.921.911.91.881.871.861.861.851.841.831.821.81.791.781.771.771.771.761.761.761.761.761.771.771.781.781.791.791.81.8
Residual maturity of 43.0 year2.021.991.971.961.941.931.911.91.881.871.861.851.841.841.831.821.811.791.781.771.761.761.761.751.751.751.751.751.761.761.771.771.781.781.791.79
Residual maturity of 44.0 year21.981.961.941.931.921.91.891.871.861.851.841.831.821.811.811.81.781.771.761.751.751.751.741.741.741.741.751.751.751.761.761.771.781.781.78
Residual maturity of 45.0 year1.991.971.951.931.921.911.891.881.861.851.841.831.821.811.81.81.791.771.761.751.741.741.741.741.731.731.731.741.741.741.751.761.761.771.771.77
Residual maturity of 46.0 year1.981.961.941.921.911.91.881.871.851.841.831.821.821.811.81.791.781.761.751.741.731.731.731.731.731.721.731.731.731.741.741.751.751.761.771.77
Residual maturity of 47.0 year1.971.951.931.911.91.891.871.861.851.831.821.811.811.81.791.781.771.751.741.731.721.721.721.721.721.721.721.721.721.731.741.741.751.761.761.76
Residual maturity of 48.0 year1.961.941.921.91.891.881.861.851.841.831.811.811.81.791.781.771.761.751.731.721.711.711.711.711.711.711.711.711.721.721.731.731.741.751.751.76
Residual maturity of 49.0 year1.951.931.911.91.881.871.851.841.831.821.811.81.791.781.771.761.751.741.721.711.711.71.71.71.71.71.71.711.711.711.721.731.731.741.751.75
Residual maturity of 50.0 year1.941.921.91.891.871.861.851.831.821.811.81.791.781.771.761.751.741.731.711.711.71.71.691.71.71.691.71.71.71.711.721.721.731.741.741.74
7-year average50
Residual maturity of 1.0 year2.192.152.12.062.021.981.951.911.881.851.821.791.761.731.71.671.641.611.571.541.51.461.431.391.351.311.271.221.171.131.081.030.990.940.890.84
Residual maturity of 2.0 year2.162.112.072.031.991.951.911.881.851.821.791.761.731.71.671.641.611.581.551.521.481.451.421.381.351.321.281.241.191.151.111.071.0310.950.91
Residual maturity of 3.0 year2.152.12.052.011.981.941.91.871.841.811.781.751.721.691.661.631.61.571.541.511.481.451.421.391.361.321.291.251.211.181.141.11.071.0310.95
Residual maturity of 4.0 year2.152.112.062.021.991.951.911.881.851.821.791.761.731.71.681.651.621.591.561.531.511.481.451.421.391.361.331.291.261.221.191.151.121.091.051.01
Residual maturity of 5.0 year2.182.132.082.042.011.971.931.91.871.841.821.791.761.731.711.681.651.631.61.571.541.521.491.461.431.41.371.341.311.271.241.211.181.151.121.08
Residual maturity of 6.0 year2.22.162.112.072.0421.961.931.91.881.851.821.81.771.741.721.691.671.641.611.591.561.541.511.481.451.431.41.371.331.311.271.251.221.191.15
Residual maturity of 7.0 year2.242.192.152.112.072.0421.971.941.911.891.861.841.811.781.761.731.711.681.661.631.611.581.561.531.511.481.451.421.391.371.341.311.281.251.21
Residual maturity of 8.0 year2.272.232.182.152.112.082.042.011.981.961.931.911.881.851.831.81.781.761.731.711.681.661.641.611.591.561.541.511.491.461.431.41.381.351.321.29
Residual maturity of 9.0 year2.312.272.222.192.152.122.082.052.0221.971.951.931.91.881.851.831.81.781.761.731.711.691.671.641.621.61.571.551.521.51.471.451.421.391.36
Residual maturity of 10.0 year2.352.32.262.232.192.162.122.092.072.042.021.991.971.951.921.91.871.851.831.811.791.761.741.721.71.681.661.631.611.581.561.531.511.491.461.43
Residual maturity of 11.0 year2.392.342.32.262.232.22.162.142.112.082.062.042.011.991.971.941.921.91.871.851.831.811.791.771.751.731.711.691.661.641.621.591.571.551.521.49
Residual maturity of 12.0 year2.422.372.332.32.262.232.22.172.142.122.092.072.052.0321.981.961.931.911.891.871.851.831.811.791.771.761.731.711.691.671.641.621.61.581.54
Residual maturity of 13.0 year2.452.42.362.322.292.262.232.22.172.152.122.12.082.062.032.011.991.971.941.931.911.891.871.851.831.811.791.771.751.731.711.691.671.651.621.59
Residual maturity of 14.0 year2.472.422.382.352.312.282.252.222.22.172.152.132.112.082.062.042.021.991.971.961.941.921.91.881.861.851.831.811.791.771.751.731.711.691.661.63
Residual maturity of 15.0 year2.492.442.42.372.332.32.272.242.222.192.172.152.132.12.082.062.042.0221.981.961.941.931.911.891.871.861.841.821.81.781.761.741.721.71.66
Residual maturity of 16.0 year2.482.442.42.372.332.32.272.242.222.192.172.152.132.112.082.062.042.0221.981.971.951.931.921.91.881.871.851.831.811.791.771.751.741.711.68
Residual maturity of 17.0 year2.482.442.42.362.332.32.272.242.222.192.172.152.132.112.092.062.042.0221.991.971.951.941.921.911.891.881.861.841.821.81.781.771.751.731.69
Residual maturity of 18.0 year2.482.442.42.362.332.32.272.242.222.192.172.152.132.112.092.072.052.032.011.991.981.961.941.931.911.91.881.871.851.831.811.791.781.761.741.71
Residual maturity of 19.0 year2.482.432.392.362.332.32.272.242.222.192.172.152.132.112.092.072.052.032.011.991.981.961.951.931.921.91.891.871.861.841.821.81.791.771.751.72
Residual maturity of 20.0 year2.482.432.392.362.332.32.272.242.222.192.172.152.132.112.092.072.052.032.0121.981.971.951.941.921.911.891.881.861.851.831.811.81.781.761.73
Residual maturity of 21.0 year2.462.412.372.342.312.282.252.232.22.182.162.142.122.092.072.052.032.0221.981.971.951.941.931.911.91.881.871.851.841.821.81.791.771.751.72
Residual maturity of 22.0 year2.442.42.362.332.292.272.242.212.192.162.142.122.12.082.062.042.0221.981.971.961.941.931.921.91.891.881.861.851.831.821.81.781.771.751.72
Residual maturity of 23.0 year2.432.382.342.312.282.252.222.22.172.152.132.112.092.072.052.032.011.991.971.961.941.931.921.911.891.881.871.851.841.821.811.791.781.761.741.71
Residual maturity of 24.0 year2.412.372.332.32.272.242.212.182.162.142.112.092.072.052.032.0121.981.961.951.931.921.911.91.881.871.861.851.831.821.81.791.771.761.741.71
Residual maturity of 25.0 year2.42.352.322.282.252.232.22.172.152.122.12.082.062.042.0221.991.971.951.941.931.911.91.891.881.861.851.841.831.811.81.781.771.751.741.71
Residual maturity of 26.0 year2.382.332.32.262.232.212.182.152.132.112.082.062.042.0221.991.971.951.931.921.911.891.881.871.861.851.841.831.811.81.791.771.761.741.721.7
Residual maturity of 27.0 year2.362.312.282.252.222.192.162.142.112.092.072.052.032.011.991.971.951.931.921.91.891.881.871.861.851.831.821.811.81.791.771.761.751.731.711.69
Residual maturity of 28.0 year2.342.32.262.232.22.172.142.122.092.072.052.032.011.991.971.951.941.921.91.891.881.871.861.841.831.821.811.81.791.771.761.751.741.721.71.68
Residual maturity of 29.0 year2.322.282.242.212.182.162.132.12.082.062.042.0221.981.961.941.921.911.891.881.861.851.841.831.821.811.81.791.781.761.751.741.731.711.71.67
Residual maturity of 30.0 year2.312.262.232.22.172.142.112.092.072.042.0221.981.961.941.921.911.891.871.861.851.841.831.821.811.81.791.781.771.751.741.731.721.71.691.66
Residual maturity of 31.0 year2.292.252.212.182.152.122.12.072.052.0321.991.971.951.931.911.891.881.861.851.841.821.821.811.81.781.781.771.751.741.731.721.711.691.671.65
Residual maturity of 32.0 year2.272.232.192.162.132.112.082.062.032.011.991.971.951.931.911.891.881.861.841.831.821.811.81.791.781.771.761.751.741.731.721.71.691.681.661.64
Residual maturity of 33.0 year2.252.212.182.152.122.092.062.042.021.991.971.951.941.911.91.881.861.851.831.821.811.791.791.781.771.761.751.741.731.721.711.691.681.671.651.63
Residual maturity of 34.0 year2.242.22.162.132.12.082.052.0321.981.961.941.921.91.881.861.851.831.811.81.791.781.771.771.761.751.741.731.721.711.71.681.671.661.641.62
Residual maturity of 35.0 year2.222.182.152.122.092.062.042.011.991.971.951.931.911.891.871.851.831.821.81.791.781.771.761.751.741.731.731.721.711.691.691.671.661.651.631.61
Residual maturity of 36.0 year2.212.172.132.12.082.052.0221.981.951.931.921.91.881.861.841.821.811.791.781.771.761.751.741.731.721.721.711.71.691.681.661.651.641.631.6
Residual maturity of 37.0 year2.22.152.122.092.062.042.011.991.971.941.921.91.881.861.851.831.811.81.781.771.761.751.741.731.721.711.711.71.691.681.671.651.651.631.621.59
Residual maturity of 38.0 year2.182.142.112.082.052.0321.981.951.931.911.891.871.851.831.821.81.781.771.761.751.741.731.721.711.71.71.691.681.671.661.651.641.631.611.59
Residual maturity of 39.0 year2.172.132.12.072.042.011.991.971.941.921.91.881.861.841.821.811.791.771.761.751.741.731.721.711.71.691.691.681.671.661.651.641.631.621.61.58
Residual maturity of 40.0 year2.162.122.092.062.0321.981.961.931.911.891.871.851.831.811.81.781.761.751.741.731.721.711.71.71.691.681.671.661.651.641.631.621.611.61.57
Residual maturity of 41.0 year2.142.12.072.042.011.991.961.941.921.91.881.861.841.821.81.781.761.751.731.721.711.71.71.691.681.671.671.661.651.641.631.621.611.61.581.56
Residual maturity of 42.0 year2.132.092.052.0321.971.951.931.91.881.861.841.831.81.791.771.751.741.721.711.71.691.691.681.671.661.661.651.641.631.621.611.61.591.571.55
Residual maturity of 43.0 year2.112.072.042.011.981.961.941.911.891.871.851.831.811.791.771.761.741.721.711.71.691.681.671.671.661.651.641.641.631.621.611.61.591.581.571.54
Residual maturity of 44.0 year2.12.062.0321.971.951.921.91.881.861.841.821.81.781.761.741.731.711.71.691.681.671.661.661.651.641.631.631.621.611.61.591.581.571.561.53
Residual maturity of 45.0 year2.082.042.011.981.961.931.911.891.871.851.831.811.791.771.751.731.721.71.691.681.671.661.651.651.641.631.621.621.611.61.591.581.571.561.551.52
Residual maturity of 46.0 year2.072.0321.971.951.921.91.881.861.831.811.81.781.761.741.721.711.691.681.661.661.651.641.641.631.621.611.611.61.591.581.571.561.551.541.52
Residual maturity of 47.0 year2.062.021.991.961.931.911.891.871.841.821.81.791.771.751.731.711.691.681.661.651.651.641.631.631.621.611.611.61.591.581.571.561.561.541.531.51
Residual maturity of 48.0 year2.052.011.981.951.921.91.881.861.831.811.791.781.761.741.721.71.681.671.651.641.641.631.621.621.611.61.61.591.581.571.571.561.551.541.521.5
Residual maturity of 49.0 year2.0321.961.941.911.891.871.851.821.81.781.771.751.731.711.691.681.661.651.641.631.621.611.611.61.591.591.581.571.561.561.551.541.531.521.49
Residual maturity of 50.0 year2.021.981.951.931.91.881.861.841.811.791.771.761.741.721.71.681.671.651.641.631.621.611.611.61.591.591.581.571.571.561.551.541.531.521.511.49

Latest reading

Residual maturity of 1 year, moving averages stood at 2.27 % p.a. in Aug 2026. That is +0.1 pp from Jul 2026 and +0.2 pp from a year earlier. The series on this page is monthly and runs from Jan 1983 to Aug 2026. Source: Deutsche Bundesbank.

Latest
2.27 % p.a.
Aug 2026
vs previous period
+0.1 pp
Jul 2026
vs a year earlier
+0.2 pp

About this data

German interest rates at monthly frequency, all read by residual maturity: the estimated federal government yield curve as month-end values and as moving averages, expected real yields together with the statutory base rate under section 247 of the Civil Code, and the discount rates under section 253 of the Commercial Code that German companies must use to value pension provisions.

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