Rates fall at weekly Treasury auction

The Treasury Department auctioned $19 billion in three-month bills at a discount rate of 4.925%, down from 4.93% last week. An additional $15 billion in six-month bills was auctioned at a discount rate of 4.875%, down from 4.91% last week.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,875.51; a six-month bill sold for $9,753.54.

Separately, the Federal Reserve said that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, was unchanged at 4.93%.