Obligation Freddy Mac 0% ( US3128X1Y761 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US3128X1Y761 ( en USD )

21/10/2033

Prospectus brochure de l'obligation Freddie Mac US3128X1Y761 en USD 0%, échéance 21/10/2033

1 000 USD

100 000 000 USD

3128X1Y76

Freddie Mac est une société publique américaine qui achète et garantit des prêts hypothécaires résidentiels, contribuant ainsi à la stabilité du marché du logement.

L'Obligation émise par Freddy Mac ( Etas-Unis ) , en USD, avec le code ISIN US3128X1Y761, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 21/10/2033

PRICING SUPPLEMENT DATED October 3, 2003

(to Offering Circular Dated April 4, 2003)

$100,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due October 21, 2033
Redeemable periodically, beginning October 21, 2004

Issue Date:
October 21, 2003
Maturity Date:
October 21, 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 21 and October 21, commencing October 21, 2004
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X1Y76

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 April 4, 2003 (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.

Citigroup Global Markets Inc. (the "Underwriter") has agreed to purchase the Medium-Term Notes from Freddie Mac at
14.052323% of their principal amount ($14,052,323 aggregate proceeds to Freddie Mac, before deducting expenses payable by
Freddie Mac estimated at $5,000), plus accrued interest, if any, from October 21, 2003, subject to the terms and conditions of the
Master Dealer Agreement between Freddie Mac and the Underwriter. The Underwriter proposes to offer the Medium-Term Notes
from time to time for sale in one or more negotiated transactions, at prices to be determined, in each case, at the time of sale. See
"Distribution Arrangements" in the Offering Circular.

Citigroup Global Markets Inc.

2

OFFERING

1. Pricing
date:
October 3, 2003
2.
Method of Distribution:
x Principal
Agent
3. Concession:
N/A
4. Reallowance:
N/A
5.
Underwriter:
Citigroup Global Markets Inc.

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 Percentage
Redemption Date
Call Price Percentage
10/21/2004 15.105444
10/21/2019 40.153149
04/21/2005 15.605812
04/21/2020 41.483222
10/21/2005 16.122754
10/21/2020 42.857354
04/21/2006 16.656820
04/21/2021 44.277004
10/21/2006 17.208577
10/21/2021 45.743680
04/21/2007 17.778612
04/21/2022 47.258939
10/21/2007 18.367528
10/21/2022 48.824392
04/21/2008 18.975952
04/21/2023 50.441700
10/21/2008 19.604531
10/21/2023 52.112581
04/21/2009 20.253931
04/21/2024 53.838810
10/21/2009 20.924842
10/21/2024 55.622221
04/21/2010 21.617978
04/21/2025 57.464707
10/21/2010 22.334073
10/21/2025 59.368225
04/21/2011 23.073890
04/21/2026 61.334798
10/21/2011 23.838212
10/21/2026 63.366513
04/21/2012 24.627853
04/21/2027 65.465528
10/21/2012 25.443651
10/21/2027 67.634074
04/21/2013 26.286471
04/21/2028 69.874453
10/21/2013 27.157211
10/21/2028 72.189044
04/21/2014 28.056793
04/21/2029 74.580306
10/21/2014 28.986175
10/21/2029 77.050779
04/21/2015 29.946342
04/21/2030 79.603086
10/21/2015 30.938314
10/21/2030 82.239938
04/21/2016 31.963146
04/21/2031 84.964136
10/21/2016 33.021925
10/21/2031 87.778573
04/21/2017 34.115776
04/21/2032 90.686238
10/21/2017 35.245862
10/21/2032 93.690220
04/21/2018 36.413381
04/21/2033 96.793708
10/21/2018 37.619574
10/21/2033 100.000000
04/21/2019 38.865722
8946-3128X1Y76.doc zero-call

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.

LEGAL MATTERS

Our General Counsel (or one of our Deputy General Counsels) will pass upon the legality of the Securities for us.

8946-3128X1Y76.doc zero-call

Document Outline

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