UPDATE 1-Fed makes biggest agency debt purchase to date

(Updates to show biggest purchase to date)

NEW YORK, April 13 (Reuters) - The U.S. Federal Reserve bought $5.15 billion of Fannie Mae (FNM.P: Quote, Profile, Research), Freddie Mac (FRE.P: Quote, Profile, Research) and the Federal Home Loan Bank's debt on Monday, the New York Federal Reserve said, in its biggest purchase of agency debt to date.

Dealers submitted $7.93 billion for consideration in the Fed's purchase of debt maturing between April 2010 and March 2011.

The Fed has so far bought roughly $60 billion of agency notes, of the up to $200 billion it said it would purchase by the end of the year as part of efforts to lower borrowing costs.

For more details on the operation please click on: here (Reporting by Kristina Cooke and Lynn Adler; Editing by James Dalgleish)