July 9 (Bloomberg) -- Freddie Mac, the second-largest U.S. mortgage-finance company, dropped 24 percent today, briefly dipping below $10 a share for the first time in 16 years.

Freddie Mac finished the day down $3.20 to $10.26 in New York Stock Exchange composite trading. The stock was as low as $9.88 today, the first time it has traded for less than $10 since October 1992, according to data compiled by Bloomberg. Fannie Mae tumbled $2.31, or 13 percent, to $15.31.

To contact the reporter on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.net.

Last Updated: July 9, 2008 16:14 EDT