WASHINGTON (9/29/10)—The Federal Housing Finance Agency (FHFA) on Tuesday reported an average national contract mortgage rate of 4.65%. The rate, which is made up of the rates charged for mortgages that were closed during August, is 0.13% lower than the rate recorded in July. The FHFA’s mortgage survey reflects loans that were closed during the last week of August. “The reported rates depict market conditions prevailing in mid- to late-July,” the FHFA added. The FHFA reported an average 3-year mortgage rate of 4.70% and an average 15-year rate of 4.46% during the same month. Both rates decreased significantly from the rates reported in the previous month. The contract rate on the composite of both fixed- and adjustable-rate mortgages was 4.63%, while the effective interest rate was 4.74%. The effective interest rate “reflects the amortization of initial fees and charges,” according to the FHFA. For the full FHFA release, use the resource link.