Today we decided to see what the NVR interest rates were since it's been at a yearly low for some time now. To our surprise the rates were the same for 60 days and 90 days! We decided we wanted to guarantee the low rates and to lock it now. Here was our options we could pick from:
· 4.125% rate would cost you .5% point
· 4.25% rate would give you a .375% credit
· 4.375% rate would give you a .875% credit
We decided to go with the 4.125% rate in order to save on our monthly mortgage amount. We hope we made the right decision, but are very glad to have our rate locked for move than a month over the expected completion date. I really hate gambling, but glad we got a lower rate than what we started at. Hopefully the rate doesn't decrease more, but not much we can do anymore which is very unsettling.