Applicable Federal Rates · November 2025
Applicable Federal Rates for November 2025
Every rate the IRS published for November 2025 in Rev. Rul. 2025-21: the short-, mid- and long-term AFR at four compounding periods, the multiples, the adjusted AFR, and the § 7520 rate. The 120% mid-term row is worked below the table.
In November 2025 the mid-term AFR was 3.83% and 120% of it was 4.60% (annual compounding), so a 72(t)/SEPP payment beginning in either of the two following months could use up to the greater of 5% and 4.60%. The § 7520 rate for the month was 4.6%.
| Rate | Annual | Semiannual | Quarterly | Monthly |
|---|---|---|---|---|
| Short-term (3 years or less) | ||||
| AFR | 3.69% | 3.66% | 3.64% | 3.63% |
| 110% AFR | 4.07% | 4.03% | 4.01% | 4.00% |
| 120% AFR | 4.44% | 4.39% | 4.37% | 4.35% |
| 130% AFR | 4.82% | 4.76% | 4.73% | 4.71% |
| Mid-term (over 3, up to 9 years) | ||||
| AFR | 3.83% | 3.79% | 3.77% | 3.76% |
| 110% AFR | 4.21% | 4.17% | 4.15% | 4.13% |
| 120% AFR | 4.60% | 4.55% | 4.52% | 4.51% |
| 130% AFR | 4.99% | 4.93% | 4.90% | 4.88% |
| 150% AFR | 5.77% | 5.69% | 5.65% | 5.62% |
| 175% AFR | 6.74% | 6.63% | 6.58% | 6.54% |
| Long-term (over 9 years) | ||||
| AFR | 4.62% | 4.57% | 4.54% | 4.53% |
| 110% AFR | 5.09% | 5.03% | 5.00% | 4.98% |
| 120% AFR | 5.56% | 5.48% | 5.44% | 5.42% |
| 130% AFR | 6.03% | 5.94% | 5.90% | 5.87% |
| Term | Annual | Semiannual | Quarterly | Monthly |
|---|---|---|---|---|
| Short-term adjusted AFR | 2.80% | 2.78% | 2.77% | 2.76% |
| Mid-term adjusted AFR | 2.90% | 2.88% | 2.87% | 2.86% |
| Long-term adjusted AFR | 3.50% | 3.47% | 3.46% | 3.45% |
| Adjusted federal long-term rate (§ 382) | 3.50% |
| Long-term tax-exempt rate (§ 382; highest of this and the prior two months) | 3.65% |
| § 7520 rate (annuities, life estates, remainders) | 4.6% |
Source: IRS Rev. Rul. 2025-21, Tables 1, 2, 3 and 5 (PDF on irs.gov). Percentages are shown as the ruling prints them; nothing here is rounded or derived except the worked lines below, which are labelled as such. Rates apply to the calendar month named, under IRC § 1274(d); which month governs a given instrument depends on the Code section that uses it.
How the 120% mid-term rate is derived
The IRS applies each multiple to the semiannual mid-term AFR, then converts that semiannual rate to the other compounding periods. Multiplying the annual figure by 1.2 does not reproduce the published table; this does, within 0.01 percentage points, in every ruling since January 2000.
The § 7520 rate is the annual 120% mid-term figure rounded to the nearest 0.2%, with a tie rounding up: 4.60% → 4.6%, which is what the ruling publishes.
What these rates are for
IRC § 1274(d) requires the IRS to publish the applicable federal rates every month: the short-term rate for instruments of three years or less, the mid-term rate for over three and up to nine years, and the long-term rate beyond that, each set from the average market yield on outstanding U.S. Treasury obligations of comparable maturity. The multiples serve other Code sections: 120% of the mid-term rate caps a 72(t)/SEPP fixed-amortization or annuitization payment (Notice 2022-6) and, rounded to 0.2%, is the § 7520 rate used to value annuities, life estates and remainders; the 110%, 130%, 150% and 175% rows feed § 42, § 382, § 467 and § 468 computations. The adjusted AFR in Table 2 is the § 1288 rate for tax-exempt obligations.
Informational only, not tax, legal or financial advice. Confirm the figure against the linked ruling before relying on it.
Last reviewed: November 2026 · snapshot built 2026-10-26 from irs.gov.
Related calculators
Calculate substantially equal periodic payments (SEPP) for penalty-free IRA withdrawals before age 59½ — all three IRS-approved methods side by side, with the formula and every assumption labeled.
Open tool →Roth Conversion Ladder CalculatorBuild the year-by-year schedule for penalty-free withdrawals before 59½ — each conversion, its 5-year seasoning date, the tax due, and the bridge funds needed while the first rungs season.
Open tool →Early Withdrawal Penalty CalculatorWhat a 401(k) or IRA withdrawal before 59½ actually costs — the 10% penalty, federal and state tax, net cash in hand, and the gross withdrawal needed to net a target amount.
Open tool →I Bond Rates by PeriodSeries I savings bond fixed, inflation and composite rates for every six-month period since 1998, the composite worked from Treasury's formula, and what each issue cohort earns now.
Open tool →