We present a new approach for the direct ͑and correct͒ calculation of thermal rate constants k(T) ͑''direct'' meaning that one avoids having to solve the state-to-state reactive scattering problem, and ''correct'' meaning that the method contains no inherent approximations͒. The rate constant is obtained from the long time limit of the flux-position correlation function, C f ,s (t), whose calculation is made efficient by taking advantage of the low rank of the flux operator. Specifically, the trace required to obtain C f ,s (t) is evaluated by a Lanczos iteration procedure which calculates only the nonzero eigenvalues. The propagation in complex time, t c ϭtϪiប/2, is carried out using a Chebychev expansion. This method is seen to be both accurate and efficient by application to the Eckart barrier, the collinear HϩH 2 reaction, and the three-dimensional DϩH 2 ͑Jϭ0͒ reaction.