Interest rates mixed as Bernanke testimony to Congress, housing data, 5-year notes sale

Rates mixed after Bernanke talks to Congress

CHARLOTTE, N.C. — Interest rates are trading in a narrow range in the bond market after Federal Reserve Chairman Ben Bernanke said interest rates will remain low to help support the economy.

Bernanke sounded an upbeat note about a recovery as part of his regular semi-annual report to Congress on the economy, saying he still expects interest rates will remain low for an extended period.

The Fed chairman’s remarks were countered by a drop in new home sales and weak demand at a Treasury sale of 5-year notes.

The yield on the 10-year Treasury note maturing in February 2020, which is a basis for rates on mortgages and other consumer loans, was unchanged from 3.69 percent late Tuesday. Its price fell 1/32 to 99 14/32.