Truck freight rates have moved up modestly to start 2026, while the gap between spot and contract pricing has narrowed, according to the latest quarterly U.S. Bank Freight Payment Index – Rates Edition, which is produced in collaboration with DAT Freight & Analytics.

The trend comes as welcome news following more than three years of freight recession conditions that have seen trucking load rates linger near historic lows.

By the numbers, the report found that spot rates averaged $2.01 per mile in February, up from $1.65 in November. Meanwhile, contract rates ticked up to $2.12 in February, up from $2.02 in November.

The report also revealed compression between contract and spot rates. A year ago, contract rates carried an average premium of roughly $0.39 per mile over spot rates. By March 2026, that gap had narrowed to about $0.11 per mile, representing approximately $0.28 per mile of compression. The narrowing reflects spot rates catching up to contract pricing, leaving shippers with less margin to absorb volatility.

“What we’re seeing in early 2026 is a freight market beginning to rebalance, with spot rates improving modestly while contract pricing has remained relatively steady,” said Ken Adamo, Chief of Analytics at DAT Freight & Analytics.