<!– /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:”"; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:”Times New Roman”; mso-fareast-font-family:”Times New Roman”;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} –>

If you think the recent sub-5% interest rate is a record low then you’re wrong. No one can possibly beat Lennar in terms of stooping down so low after the homebuilder offered a very low 3.625%interest rate for a 20-year fixed-rate mortgage. The offer is not however available for every home but only for new purchases and not for refinances. You also have to contend with the very tight requirements including a credit score of 700, a maximum loan amount of $417,000 and a down payment of at least 10%. The deal must also be closed by April 30.

The bottom-low interest rate is one of the strategies being resorted to by homebuilders to encourage people to buy homes. Desperate homebuilders earlier offered buyers gourmet kitchens and tropical vacations among others to lure them to the closing table. But no matter how low the rates are those who are worried about job security and those already unemployed are definitely not biting.

But if you’re planning to buy a home and you have the capacity to pay a huge down payment and have good credit ratings then sit tight and watch out because builders will surely outdo each other in offering the lowest interest rates humanly possible.