Hello all. We are currently mid-construction on our new home. Our FHA loan has already been approved, and we are scheduled to close on October 2. Our lender sent us an email today indicating that since we are within 90 days of closing, we are able to lock in (for free) our rate at 3.375% (4.413% APR). Obviously, this rate is incredible. But just a week ago, they were offering 3.625%, so we are seeing a rapid drop in rates like much of the rest of the country.
My question is, should I just lock in the rate now, or keep floating it and see where it goes? To me, it's unlikely to spike back up over the course of 90 days, so even if it were to go up, I don't think it would have a significant impact. Thus, it seems worth the risk to see if things continue to fall.
But this is just my layman's opinion, and I'd like some suggestions/opinions from those of you who have access to better data/knowledge than I have.
Much appreciated!
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Fico Scores:
EQ - 811 (Feb '14)
TU - 829 (Mar '14)
EX - 814 (Mar '12) - Lender Pull
Starting Score: 722