Has anyone locked their interest rate with NVR before the 60 day pre-settlement period? We are considering it. Actually, I wanted to lock today but my husband talked me out of it... something about the government doing or announcing something on Thursday that could cause rates to drop even more... I hope he's right :/. Mortgage rates are currently the lowest they have EVER been and we could have locked in today at 3.75% at no cost or paid 1.125 points to lock in at 3.5%!! Is it just me, or is that really low?!?!
We are supposed to settle in September. Our pre-construction meeting is next week and construction is supposed to start the week of the 18th. If we locked now at those rates, it would take us to the end of October so we'd have at least a month of flex in case things get delayed. Our NVR rep is trying to talk us out of locking so far ahead, but my feeling is that no matter how long we wait there's a very slim chance of rates going lower than they are now, and given my tendency for stress and anxiety it would likely save me a lot of sleepless nights this summer if we just locked and got it over with. Our original estimate was quoted at 3.875% and for all of my personal budget calculations I have been using 4.0%, so we're improving either way. And what if we waited and wound up with something significantly higher?
Ahhh... there's so many decisions involved with building a house!
What do you think... would you lock or wait?