NEW YORK (CNNMoney.com) -- Long-term Treasurys continued to fall Thursday after the last of three auctions totaling $118 billion this week.
What prices are doing: The benchmark 10-year note fell 11/32 to 97-25/32, driving the yield up to 3.9%. The 30-year bond fell 17/32 to 97-24/32 with a yield of 4.77%. Bond prices and yields move in opposite directions.
The 5-year note gained 8/32 to 99-8/32 with a yield of 2.67%. The 2-year note was little changed at 99-26/32 with a yield of 1.11%.
What's moving the market: Thursday's auction of 7-year notes marked the last of this week's three government auctions issuing new supply of U.S. debt to fund the country's budget deficit.
Investors submitted bids totaling nearly $83 billion for $32 billion worth of 7-year notes. The bid-to-cover ratio, a measure of demand, was 2.61 -- down from 2.98 at the previous auction in February.
Both short-term and long-term Treasury prices fell during the first two auctions this week on concerns about European debt, the boost in supply and the cost of health care reform. But with both the 2-year and 5-year note auctions behind them, investors started trading those bonds slightly higher on Thursday.
Meanwhile longer term Treasurys continued to fall during and after the 7-year note auction.
What analysts are saying: Investors are concerned about too much debt coming into the market too frequently, Kevin Giddis, president of fixed income at Morgan Keegan, wrote in a report to investors Thursday.
"The U.S. government, struggling to pay for its old policies and as of this week, jamming through a few more, (is) taking great risks with the economic recovery and any hope of beating down the budget deficit," he wrote.
On Tuesday, President Obama signed $940 billion health care reform plan into law.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.80%||3.88%|
|15 yr fixed||3.20%||3.23%|
|30 yr refi||3.82%||3.93%|
|15 yr refi||3.20%||3.23%|
Today's featured rates:
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More
Honda and General Motors are creating a new generation of fully autonomous vehicles. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More