WASHINGTON (AP) - Interest rates on short-term Treasury bills fell in Monday's auction with rates on three-month bills dropping to the lowest point since last October.

WASHINGTON (AP) Interest rates on short-term Treasury bills fell in Monday's auction with rates on three-month bills dropping to the lowest point since last October.

The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 0.015 percent, down from 0.020 percent last week. Another $24 billion in six-month bills was auctioned at a discount rate of 0.070 percent, down from 0.095 percent last week.

The three-month rate was the lowest since three-month bills averaged 0.010 percent on Oct. 14. The six-month rate was the lowest since six-month bills averaged 0.065 percent on Feb. 23.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,999.62 while a six-month bill sold for $9,996.46. That would equal an annualized rate of 0.015 percent for the three-month bills and 0.071 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, edged up to 0.25 percent last week from 0.24 percent the previous week.