Fed buys $1.631 bln of Fannie, Freddie, FHLB debt

NEW YORK, Dec 23 (Reuters) - The Federal Reserve bought $1.631 billion of Fannie Mae (FNM.P: Quote, Profile, Research), Freddie Mac (FRE.P: Quote, Profile, Research) and Federal Home Loan Banks debt on Tuesday in an ongoing effort to lower mortgage rates.

Dealers submitted $4.415 billion for consideration in the Fed purchase of "federal agency" debt. The purchase is the fifth since the Fed began such operations on Dec. 5, bringing total buys to $15.031 billion.

For more details on the operation please click on: here (Editing by Tom Hals)