This Pricing Supplement relates to the Debt Securities described below (the "Bonds"). You should read it together with the Offering Circular dated May 09, 2012 (the "Offering Circular"), relating to the Universal Debt Facility of the Federal National Mortgage Association ("Fannie Mae"). Unless defined below, capitalized terms have the meanings we gave to them in the Offering Circular.

The Bonds, and interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than Fannie Mae.

Certain Securities Terms

1.

Title:

Step Rate Bonds Due February 07, 2028

2.

Form:

Fed Book-Entry Securities

3.

Specified Payment Currency

a.

Interest:

U.S. dollars

b.

Principal:

U.S. dollars

4.

Aggregate Original Principal Amount:

$50,000,000.00

5.

Issue Date:

February 07, 2013

6.

Maturity Date:

February 07, 2028

Amount Payable on the Maturity Date:

100.00% of principal amount

7.

Subject to Redemption Prior to Maturity Date

__

No

X

Yes; in whole or in part, at our option, on the following dates at a redemption price of 100% of the principal amount redeemed, plus accrued interest thereon to the date of redemption.

August 07, 2013 November 07, 2013 February 07, 2014 May 07, 2014 August 07, 2014 November 07, 2014 February 07, 2015 May 07, 2015 August 07, 2015 November 07, 2015 February 07, 2016 May 07, 2016 August 07, 2016 November 07, 2016 February 07, 2017 May 07, 2017 August 07, 2017 November 07, 2017 February 07, 2018 May 07, 2018 August 07, 2018 November 07, 2018 February 07, 2019 May 07, 2019 August 07, 2019 November 07, 2019 February 07, 2020 May 07, 2020 August 07, 2020 November 07, 2020 February 07, 2021 May 07, 2021 August 07, 2021 November 07, 2021 February 07, 2022 May 07, 2022 August 07, 2022 November 07, 2022 February 07, 2023 May 07, 2023 August 07, 2023 November 07, 2023 February 07, 2024 May 07, 2024 August 07, 2024 November 07, 2024 February 07, 2025 May 07, 2025 August 07, 2025 November 07, 2025 February 07, 2026 May 07, 2026 August 07, 2026 November 07, 2026 February 07, 2027 May 07, 2027 August 07, 2027 November 07, 2027

8.

Interest Category:

Step Rate Securities

9.

Interest

a.

Frequency of Interest Payments:

semiannually

b.

Interest Payment Dates:

the 7th day of each February and August

c.

First Interest Payment Date:

August 07, 2013

d

The interest rate on the outstanding principal amount will be as follows:

from and including

to but excluding

interest rate per annum

February 07, 2013

August 07, 2013

1.00%

August 07, 2013

February 07, 2018

2.00%

February 07, 2018

February 07, 2019

3.00%

February 07, 2019

February 07, 2023

4.00%

February 07, 2023

February 07, 2027

5.00%

February 07, 2027

February 07, 2028

6.00%

Additional Information Relating to the Bonds

1.

Identification Number(s)

a.

CUSIP:

3136G1C80

b.

ISIN:

N/A

c.

Common Code:

N/A

2.

Listing Application

	X No
	__ Yes

3.

Eligibility for Stripping on the Issue Date

	X No
	__ Yes

___ Minimum Principal Amount: _____________

Offering

1.

Pricing Date:

January 18, 2013

2.

Method of Distribution:

X Principal

__ Non-underwritten

3.

The following dealers have agreed, jointly and severally, to purchase all of the Bonds:

Vining-Sparks IBG, Limited Partnership

BMO Capital Markets Corp.

a.

Representative(s):

Vining-Sparks IBG, Limited Partnership

b.

Stabilizing Manager:

Vining-Sparks IBG, Limited Partnership

4.

Offering Price:

X

Fixed Offering Price: 100.00% of principal amount, plus accrued interest, if any, from the Settlement Date

__

Variable Price Offering

5.

Dealer Purchase Price: 99.56% of principal amount

a.

Concession:

N/A

b.

Reallowance:

N/A

6.

Proceeds to Fannie Mae:

$49,780,000.00

Settlement

1.

Settlement Date:

February 07, 2013

2.

Settlement Basis:

delivery versus payment

3.

Settlement Clearing System:

U.S. Federal Reserve Banks