Treasury prices rose Friday despite an increase in home construction as investors focused, instead, on data showing a decrease in consumer sentiment.

The University of Michigan reported Friday that its preliminary gauge of May consumer sentiment came in at a worse-than-anticipated reading of 59.5. The reading was its lowest since 1980, and down from April’s reading of 62.6.

Weak readings on the economy tend to lure investors to safer assets like government securities.

The Commerce Department report on the housing market was positive, showing that construction of new homes rose 8.2 percent in April. The jump was the largest monthly advance in more than two years, and came as upbeat news after analysts had predicted a 0.7 percent decline.

However, the rise was due mostly to a surge in apartment construction, which can be volatile.

The benchmark 10-year Treasury note rose 10/32 to 100 24/32 and yielded 2.78 percent, down from 3.82 percent late Thursday, according to BGCantor Market Data. Bond prices move in the opposite direction of yields.

The 30-year long bond rose 20/32 to 97 25/32 and yielded 4.51 percent, down from 4.55 percent late Thursday.

The 2-year note rose 2/32 to 99 16/32, and its yield fell to 2.39 percent from 2.43 percent.

Treasurys have been bouncing back and forth within a range for about a month. Economic data has been indicating that the economy remains in a downturn, but not a free-fall, with the inflation outlook unclear.

“We keep rotating from top to bottom, bottom to top,” said Joel Marver, a Treasury technical analyst at Thomson Financial, noting that trading volumes have been relatively light. “The tendency to hold in a range does indicate uncertainty.”