Freddie Mac Profit Up on Low Interest Rates

Freddie Mac, the second-largest buyer of U.S. home mortgages, said first-quarter profit rose 24% as low interest rates continued to propel home sales at record levels, and increased its outlook for 2002.

The company had a profit from operations of $893 million, or $1.19 a share.

For 2002, the company expects earnings to rise 16% to 18%, higher than the mid-teens range Freddie Mac estimated earlier.

Freddie Mac’s shares fell 8 cents to $65.77 on the NYSE.