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Yields on two-year Treasury notes fell in Wednesday's auction to the lowest level in almost three years.

The average yield was 7.32 percent, down from 7.49 percent at the last auction on Nov. 27. The notes will carry a coupon interest rate of 7.25 percent with each $10,000 in face value selling for $9,987.20.

The yield on one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, averaged 6.96 percent last week. The Federal Reserve reported Wednesday that last week's yield represented a drop from an average of 7.08 percent the week before with both weeks posting lower yields than the average for all of November, which was 7.31 percent.

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