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Pointwise interpolation inequalities, in particular, ku(x)c(Mu(x)) 1-k/m (Mmu(x))k/m, k<m, and |Izf(x)|c (MIf(x))Re z/Re (Mf(x))1-Re z/Re , 0<Re z<Re<n, where ${\nabla }_k$ is the gradient of order $k$, $ℳ$ is the Hardy-Littlewood maximal operator, and $I_z$ is the Riesz potential of order $z$, are proved. Applications to the theory of multipliers in pairs of Sobolev spaces are given. In particular, the maximal algebra in the multiplier space $M(W_p^m\left({ℝ}^n\right)\to W_p^l\left({ℝ}^n\right))$ is described.