The Treasury sold $7 billion of new three-month bills at an average discount rate of 7.32%, up from 7.23% last week. Another $7 billion of new six-month bills was sold at an average discount rate of 7.46%, the same as last week. The new discount rates understate the actual return to investors--7.56% for three-month bills, with a $10,000 bill selling for $9,815.00, and 7.86% for six-month bills selling for $9,622.90. The discount rate reflects the price discount received when government securities are purchased at less than face value. In another report, the Federal Reserve said the average yield for one-year T-bills, the most popular index for making changes in adjustable-rate home mortgages, fell to 8.13% last week after averaging 8.18% the week before.