Obligation Federal Home Loan Mortgage Corporation 0% ( US3128X03L14 ) en USD

Federal Home Loan Mortgage Corporation

100 % ⇌

Etas-Unis

US3128X03L14 ( en USD )

13/04/2033

Prospectus brochure de l'obligation Federal Home Loan Mortgage Corp US3128X03L14 en USD 0%, échéance 13/04/2033

1 000 USD

250 000 000 USD

3128X03L1

La Federal Home Loan Mortgage Corporation (Freddie Mac) est une entreprise publique américaine qui achète et garantit des prêts hypothécaires résidentiels, contribuant ainsi à la stabilité et à l'accessibilité du marché du logement.

L'Obligation émise par Federal Home Loan Mortgage Corporation ( Etas-Unis ) , en USD, avec le code ISIN US3128X03L14, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 13/04/2033

PRICING SUPPLEMENT DATED March 21, 2003
(to Offering Circular Dated May 7, 2002)

$250,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due April 14, 2033
Redeemable periodically, beginning April 14, 2004

Issue Date:
April 14, 2003
Maturity Date:
April 14, 2033
Subject to Redemption:
Yes. The Medium-Term Notes are redeemable at our option, upon notice of not less than 5
Business Days. See "Redemption" herein. We will redeem all of the Medium-Term Notes if we
exercise our option.
Redemption Date(s):
Semiannually, on April 14 and October 14, commencing April 14, 2004
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X03L1

There will be no periodic payments of interest on the Medium-Term Notes. The only scheduled payment that will be made
to the holder of a Medium-Term Note will be made on the Maturity Date or the redemption date, as applicable, in an amount equal to
the product of the call price for such redemption date and the principal amount of the Medium-Term Notes. See "Redemption" herein.

The Medium-Term Notes will be issued with original issue discount. See "Certain United States Federal Tax Consequences
- U.S. Owners - Debt Obligations with Original Issue Discount" in the Offering Circular.

You should read this Pricing Supplement together with Freddie Mac's Debentures, Medium-Term Notes and Discount Notes
Offering Circular, dated May 7, 2002 (the "Offering Circular"), and all documents that are incorporated by reference in the Offering
Circular, which contain important detailed information about the Medium-Term Notes and Freddie Mac. See "Available Information"
in the Offering Circular. Capitalized terms used in this Pricing Supplement have the meanings we gave them in the Offering Circular,
unless we specify otherwise.

The Medium-Term Notes may not be suitable investments for you. You should not purchase the Medium-Term
Notes unless you understand and are able to bear the redemption, yield, market, liquidity and other possible risks associated
with the Medium-Term Notes. You should read and evaluate the discussion of risk factors (especially those risk factors that
may be particularly relevant to this security) that appears in the Offering Circular under "Risk Factors" before purchasing
any of the Medium-Term Notes.

The Medium-Term Notes, including any interest or return of discount on the Medium-Term Notes, are not
guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than
Freddie Mac.

Price to Public (1)(2)
Underwriting Discount (2)
Proceeds to Freddie Mac (1)(3)

Per Medium-Term Note
13.647988%
.10%
13.547988%
Total
$34,119,970
$250,000
$33,869,970

(1)
Plus return of discount, if any, from April 14, 2003.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

First Tennessee Bank N.A.
NBC Capital Markets Group Inc.

2

OFFERING

1. Pricing
date:
March 21, 2003
2.
Method of Distribution:
x Principal
Agent
3. Concession:
.05%
4. Reallowance:
N/A
5. Syndication:
Yes:

Underwriter

Underwriting Commitment

First Tennessee Bank National Association (the "Representative")
$130,000,000

NBC Capital Markets Group Inc.
120,000,000

$250,000,000

REDEMPTION

The Medium-Term Notes are subject to redemption by Freddie Mac, at its option, on the dates and at the respective call
prices set forth in the following Call Price Schedule. Upon exercise of Freddie Mac's option to redeem the Medium-Term Notes,
each investor will receive the product of the call price for such redemption date and the principal amount of Medium-Term
Notes held by such investor.

Call
Price
Schedule
Redemption Date
Call Price %
Redemption Date
Call Price %
4/14/2004 14.584774%
4/14/2019 39.478930%
10/14/2004 15.077010%
10/14/2019 40.811343%
4/14/2005 15.585859%
4/14/2020 42.188726%
10/14/2005 16.111882%
10/14/2020 43.612596%
4/14/2006 16.655658%
4/14/2021 45.084521%
10/14/2006 17.217786%
10/14/2021 46.606123%
4/14/2007 17.798886%
4/14/2022 48.179080%
10/14/2007 18.399599%
10/14/2022 49.805124%
4/14/2008 19.020585%
4/14/2023 51.486047%
10/14/2008 19.662530%
10/14/2023 53.223701%
4/14/2009 20.326140%
4/14/2024 55.020001%
10/14/2009 21.012147%
10/14/2024 56.876926%
4/14/2010 21.721307%
4/14/2025 58.796522%
10/14/2010 22.454402%
10/14/2025 60.780905%
4/14/2011 23.212238%
4/14/2026 62.832260%
10/14/2011 23.995651%
10/14/2026 64.952849%
4/14/2012 24.805504%
4/14/2027 67.145008%
10/14/2012 25.642690%
10/14/2027 69.411152%
4/14/2013 26.508130%
4/14/2028 71.753778%
10/14/2013 27.402780%
10/14/2028 74.175468%
4/14/2014 28.327624%
4/14/2029 76.678890%
10/14/2014 29.283681%
10/14/2029 79.266803%
4/14/2015 30.272005%
4/14/2030 81.942058%
10/14/2015 31.293685%
10/14/2030 84.707602%
4/14/2016 32.349847%
4/14/2031 87.566484%
10/14/2016 33.441654%
10/14/2031 90.521852%
4/14/2017 34.570310%
4/14/2032 93.576965%
10/14/2017 35.737058%
10/14/2032 96.735187%
4/14/2018 36.943184%
4/14/2033 100.000000%
10/14/2018 38.190016%
7917FTapr14.doc

3

RISK FACTORS

An investment in the Medium-Term Notes entails certain risks not associated with an investment in conventional fixed-rate
debt securities that pay interest periodically. While the Medium-Term Notes, if held to maturity or redemption, will provide return
of their principal, including return of the accreted value to the optional redemption date, their market value could be adversely
affected by changes in prevailing interest rates and the optional redemption feature. This effect on the market value could be
magnified in a rising interest rate environment in the case of the Medium-Term Notes due to their relatively long remaining term to
maturity. In such an environment, the market value of the Medium-Term Notes generally will fall, which could result in significant
losses to investors whose circumstances do not permit them to hold the Medium-Term Notes until maturity. It is also unlikely that
Freddie Mac would redeem the Medium-Term Notes in such an interest rate environment, when Freddie Mac's costs of borrowing
would be relatively high. On the other hand, in a falling interest rate environment, in which the market value of the Medium-Term
Notes generally would rise, it is likely that Freddie Mac would redeem the Medium-Term Notes, when its costs of borrowing would
be relatively low; under those circumstances, it is likely that the optional redemption provision would restrict the market value that
the Medium-Term Notes otherwise would have. Those factors, combined with the fact that payments on the Medium-Term Notes
will be made only at maturity or upon redemption, and not periodically, also could affect the secondary market for and the liquidity
of the Medium-Term Notes. Investors therefore should have the financial status and, either alone or with a financial advisor, the
knowledge and experience in financial and business matters sufficient to evaluate the merits and to bear the risks of investing in the
Medium-Term Notes in light of each investor's particular circumstances and should consider whether their circumstances permit
them to hold the Medium-Term Notes until maturity, or otherwise to bear the risks of illiquidity, redemption and changes in interest
rates. See "Risk Factors" in the Offering Circular.

7917Ftapr14.doc

Document Outline

#1">Freddie Mac
#2">REDEMPTION
- #2">
  - #2">
    - #2">Call Price Schedule