The Federal Reserve Board bought $3.5 billion of Fannie Mae, Freddie Mac, and Federal Home Loan bank debt Tuesday under a program aimed at reducing mortgage costs.

The central bank acquired bonds with maturities between March 2013 and August 2017, according to the New York Fed's Web site.

Dealers offered $5.8 billion of the securities.

The Fed has now bought $19.9 billion of so-called agency debt since the program began last month.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.