The Treasury Department auctioned $34 billion in at a high yield of 1.125 percent.
The bid-to-cover ratio, an indicator of demand, was 2.54. The bid-to-cover ratio for the 5-year note was the highest since May, according to Reuters.
Indirect bidders, which include major central banks, were awarded 68.7 percent. Direct bidders, which includes domestic money managers, bought 6.2 percent.
The yield on the 5-year Treasury Notes sat lower at 1.1348 after the note sale.
Meanwhile, the yield on the benchmark 10-year Treasury note sat higher at 1.5517 percent, while the yield on the 30-year Treasury bond was slightly higher at 2.2378 percent. Bond yields move inversely to prices.
U.S. government debt prices were flat to slightly higher Wednesday, as traders kept an eye on oil and key data ahead of this week's U.S. Federal Reserve's Jackson Hole meeting.
Treasurys
All eyes will be on the U.S. central bank later on this week, as Chair Janet Yellen, is set to give a speech on August 26 at the Federal Reserve Bank of Kansas City's annual Economic Policy Symposium at Jackson Hole, Wyoming.
Investors will be watching this meeting closely, to see if the Fed provides any indications as to when it may raise interest rates, while potentially giving a long-term outlook on the U.S. economy.
Elsewhere on Wednesday, China's central bank chose to inject 90 billion yuan ($13.55 billion) into the money markets through seven-day reverse bond repurchase agreements (repos) and an extra 50 billion yuan through 14-day reverse repos, traders said according to Reuters.
U.S. home resales fell more than expected in July after four straight months of strong gains as a lack of inventory limited choice for buyers, but further gains in prices suggested the housing market remained on solid ground.
The National Association of Realtors said on Wednesday existing home sales declined 3.2 percent to an annual rate of 5.39 million units last month.
Meanwhile oil prices continued to throw markets, with crude futures trading lower on Wednesday as an unexpected build in U.S. crude inventories added a negative element to trade. WTI and Brent crude last stood around $46.76 per barrel and $49.03, respectively.
Oil prices extended losses on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years.
U.S. crude stockpiles rose by 2.5 million barrels to a total of 523.6 million barrels in the week through Aug. 19 as refinery inputs decreased and gasoline production fell, according to the Energy Information Administration. Analysts had expected a 455,000-barrel fall.
Reuters contributed to this report