Interrupt frequency control by estimating processor load in the peripheral adapter provides adaptive interrupt latency to improve performance in a processing system. A mathematical function of the depth of one or more queues of the adapter is compared to its historical value in order to provide an estimate of processor load. The estimated processor load is then used to set a parameter that controls the frequency of an interrupt generator, which may be controlled by setting an interrupt queue depth threshold, packet frequency threshold or interrupt hold-off time value. The mathematical function may be the ratio of the transmit queue depth to the receive queue depth and the historical value may be predetermined, user-settable, obtained during a calibration interval or obtained by taking a long-term average of the mathematical function of the queue depths.