Abstract: A frequency modulator including a free-running oscillator which is frequency modulated and which is frequency stabilized by means of a reference oscillation by way of a phase control loop having a phase detector and a loop filter. In order to be able to process d.c. components with such a frequency modulator, given a keyed modulation signal, and without abandoning the limitation of the modulation spectrum, the modulation signal is supplied to a control input of the oscillator both by way of a modulation filter and by way of the phase control loop. For this purpose, the phase control loop includes, between the oscillator output and the phase detector, a frequency divider having a division ratio controlled by the modulation signal.