WASHINGTON — Freddie Mac's net income jumped to $4.8 billion in the fourth quarter, more than double what it earned a quarter earlier, while yearly earnings were also higher, the government-sponsored enterprise announced Thursday.

The solid earnings were driven primarily by market-related gains resulting from higher longer-term interest rates, Freddie said. Executives said the performance showed that Freddie, whose 2016 earnings rose 22% to $7.8 billion, was a "transformed company."

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