Rates on short-term T-bills mixed in auction

The Treasury Department auctioned $21 billion in three-month bills at a discount rate of 4.965%, unchanged from last week. An additional $17 billion in six-month bills was auctioned at a discount rate of 4.920%, up from 4.855% 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 $9,874.50 while a six-month bill sold for $9,751.27.

Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 4.92% last week from 4.96% the previous week.