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WASHINGTON (AP) — Interest rates on short-term Treasury bills fell in Monday’s auction with rates on three-month bills falling to the lowest level in five weeks.

The Treasury Department auctioned $31 billion in three-month bills at a discount rate of 0.270 percent, down from 0.285 percent last week. Another $26 billion in six-month bills was auctioned at a discount rate of 0.400 percent, down from 0.430 percent last week.

The three-month rate was the lowest since three-month bills averaged 0.240 percent five weeks ago on May 9. The six-month rate was the lowest since those bills averaged 0.370 percent on May 16.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,993.18, while a six-month bill sold for $9,979.78. That would equal an annualized rate of 0.274 percent for the three-month bills and 0.406 percent for the six-month bills.

Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, fell to 0.59 percent last week from 0.67 percent the previous week.