10 Year Fed Funds Swap Rate: Current & Historical
The 10 year Fed Funds swap rate is the annual fixed rate exchanged for the daily average fed funds effective rate over the next 10 years. Check the current rate, its one-year chart and daily history, with downloads straight to Excel.
USD · 10Y · Fed Funds
52-wk range
3.42% – 4.22%
Last update:
Recent daily closes
| Date | Rate | Daily change |
|---|---|---|
| Live | – | |
| 27 Jul 2026 | 4.17% | -3 bp |
| 24 Jul 2026 | 4.21% | -2 bp |
| 23 Jul 2026 | 4.22% | +4 bp |
| 22 Jul 2026 | 4.19% | +2 bp |
| 21 Jul 2026 | 4.16% | +3 bp |
| 20 Jul 2026 | 4.13% | +6 bp |
| 17 Jul 2026 | 4.07% | -3 bp |
| 16 Jul 2026 | 4.10% | +2 bp |
| 15 Jul 2026 | 4.08% | -3 bp |
| 14 Jul 2026 | 4.11% | -2 bp |
Rates built from interdealer broker and exchange quotes. Read how we build these rates.
This is yesterday's close
See the live 10 year Fed Funds swap rate
- Live mids, refreshed every minute
- Full 10 year daily history to Excel
- Every Fed Funds tenor, 1 to 50 years
- Price swaps, caps & get MtM
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Live 10 year Fed Funds in Excel & API
If you're on this page more than once a month, you don't need a rate, you need a feed. One function, always-live curves, straight in your model.
// Excel: live Fed Funds swap rate in a cell =BlueGamma.SWAP_RATE("Fed Funds", start_date, maturity_date, "1Y") # API: the same rate, one GET away GET api.bluegamma.io/v1/swap_rate ?index=Fed Funds&start_date=2D&maturity_date=10Y x-api-key: your_api_key
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FAQs
The 10 year Fed Funds swap rate is the annual fixed interest rate that market participants exchange for the daily average fed funds effective rate over the next 10 years. It is set in the interdealer swap market and moves continuously with expectations for Federal Reserve policy.
The rate shown on this page is the previous US business day's close; the live rate is available in the BlueGamma app.
Three common reasons:
- Timing: this page shows the previous US business day's mid-market close, while banks quote off the live curve, which moves through the day.
- Spread: the mid-market rate is the raw interbank level. A bank's quote adds a credit and execution charge, and on a loan a lending margin on top.
- Conventions: a quote using a different payment frequency or day count will differ slightly from the annual/annual rate shown here.
If you are comparing a quote against the market, compare it with the live mid rate at the time of the quote.
They are related but measure different things. The swap rate reflects the expected path of the daily average fed funds effective rate over the next 10 years, while the bond yield reflects the government's borrowing cost, which also depends on bond supply and demand.
The gap between them is the swap spread, watched as a signal of bank funding conditions and hedging demand. The two usually move together but can diverge materially.
This page shows the last 12 months of daily closes, the 52-week range and dated lookbacks.
The BlueGamma app carries the full daily history for every Fed Funds tenor, alongside 20+ other currencies, with downloads straight to Excel.
BlueGamma takes quotes directly from leading inter-dealer brokers and exchanges, bootstraps them into ready-to-use curves, and validates the output for consistency on a regular basis.
The rates shown on this page are the previous US business day’s close. Live rates, refreshed every minute, are available in the BlueGamma app with a free trial.
More on Fed Funds
USD Swap Rates for All Tenors
The full rates table: every liquid Fed Funds tenor with one-week, one-month and one-year history.
SOFR Swap Rates
The other USD curve: SOFR swap rates for every liquid tenor.
Fed Funds Forward Curve
The market-implied path for fed funds, charted and downloadable.
Federal Reserve Rate Forecast
Market-implied probabilities for the next FOMC meeting and the path ahead.
More from BlueGamma
Or browse the full swap rate catalogue, covering all 86 rates across 33 currencies.