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Monthly Federal Rates

Which AFR (Applicable Federal Rate) should you use?

  • Terms of three years or less. If the term of a debt instrument is three years or less, the applicable federal rate is the federal short-term rate.
  • Terms of over three years but not over nine years. If the term of a debt instrument is over three years but not over nine years, the applicable federal rate is the federal mid-term rate.
  • Terms of over nine years. If the term of a debt instrument is over nine years, the applicable federal rate is the federal long-term rate.
  • For loans that do not have a specific term and are outstanding for at least a year, the Blended Annual Rate is used.
    • The Blended Annual Rate for 2023 is 4.65%
  • View 2023 Rates

March 2024

The Section 7520 rate is 5.00%

The AFRs are as follows: Annual Semi-  
annual
Quarterly Monthly
Short-term  
(up to 3 years)
4.71% 4.66% 4.63% 4.62%
Mid-term  
(3 to 9 years)
4.13% 4.09% 4.07% 4.06%
Long-term  
(over 9 years)

4.40%

4.35% 4.33% 4.31%

February 2024

The Section 7520 rate is 4.80%

The AFRs are as follows: Annual Semi-  
annual
Quarterly Monthly
Short-term  
(up to 3 years)
4.68% 4.63% 4.60% 4.59%
Mid-term  
(3 to 9 years)
3.98% 3.94% 3.92% 3.91%
Long-term  
(over 9 years)

4.18%

4.14% 4.12% 4.10%

January 2024

The Section 7520 rate is 5.20%

The AFRs are as follows: Annual Semi-  
annual
Quarterly Monthly
Short-term  
(up to 3 years)
5.00% 4.94% 4.91% 4.89%
Mid-term  
(3 to 9 years)
4.37% 4.32% 4.30% 4.28%
Long-term  
(over 9 years)

4.54%

4.49% 4.47% 4.45%

 

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