NEW YORK (CNNMoney.com) -- Treasurys turned higher Wednesday after renewed fears about Spain's debt pushed investors back to the safe-haven appeal of U.S. bonds.
What prices are doing: The benchmark 10-year note rose 7/32 to 101-27/32, with a lower 3.29% yield. Bond prices and yields move in opposite directions.
The 30-year bond climbed 6/32 to 102-26/32, yielding 4.21%. The 5-year note rose 2/32 to 100-9/32 and yielded 2.067%, while the 2-year inched up 1/32 to 100, yielding 0.75%.
What's moving the market: A report by Spanish newspaper El Economista that said the International Monetary Fund, the European Union and the U.S. Treasury are preparing a $308 billion bailout for debt-strapped Spain, renewed worries about Europe's fiscal crisis.
Those fears drove up the demand for Treasurys, which are considered a low-risk investment in times of economic uncertainty because they're backed by the U.S. government.
A report that showed both new home construction and building permits fell sharply in May also gave a boost to U.S. debt.
What analysts are saying: Treasurys have been stuck in volatile "risk on, risk off again" trading this month as investors are moved by positive or negative headlines each day, said Kim Rupert, a fixed income analyst with Action Economics.
|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%|
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