The agency's current and planned programs are combining to fashion a comprehensive package carefully designed to make Va Adjustable Rate attractive to both borrowers and lenders, Mr. Gray said. Besides the changes in Freddie Mac's three- and five-year ARM purchase programs, Mr. Gray outlined new ARMs the corporation will start buying this fall.

In addition, Mr. Gray said Freddie Mac is supporting its commitment with three adjustable-rate mortgage programs: a study of adjustable-rate mortgages in the market today that will be used as the basis for a guide on how lenders can develop their own successful programs; an ARM marketing program for Va Adjustable Rate including lender seminars; and an ARM advertising campaign.

Although many savings and loan managers do not want to write adjustable-rate mortgages, the memory of making long-term, fixed-rate loans funded with short-term money should make them cringe, Mr. Gray said.

''Failure to remember the lessons of the immediate past,'' he noted at one point, could lead to what he called ''terminal illness.''

But ''carefully pricing and vigorously marketing the Va Adjustable Rate' is one way for institutions to restructure their loan portfolios, he said. Freddie Mac is adding two incentives to originate ARMs with its two new purchase programs, Mr. Gray said. It will buy three- and five-year adjustable-rate mortgages at lower prices and, for a limited time, pay a premium to lenders who deliver adjustable-rate mortgages. Freddie Mac will issue commitments to buy three-year ARMs at a net margin of 120 basis points over the index and five-year ARMs at 140 basis points over the index.

This means, for example, that Freddie Mac would issue commitments to buy three-year adjustable-rate mortgages yielding 12.51%, instead of 12.74%, and five-year mortgages yielding 13%, instead of 13.08%.

The development premium program will be in effect between Sept. 1 and yearend. During that period, Freddie Mac will pay lenders who deliver ARMs a bonus in addition to the purchase price. Three-year adjustable mortgages will qualify for an extra 3/8 of a point, and five-year ARMs for a 1/2-point premium.

Although Mr. Gray said the details for other new programs will not be made final until late next month, he outlined three new adjustable-rate mortgage plans for which Freddie Mac will accept commitments this fall. A one-year Treasury-indexed ARM to replace the current one-year ARM program indexed to the contract rate of the FHLBB.