Lock interest rates for March Completion Construction? (2014, credit score)

[akm123]

I have come across several threads about this topic, mine would be a repeat but under slightly different and current circumstances. I have plans on putting down 20% and go for 30 yr Fixed (Excellent credit score).

(a) Is it a good idea to wait until end of December and lock the rates?
(b) Will 2014 see higher rates than 2013? Everyone speculated the rates are going higher three months ago and now the rates have come down from 4.75 to 4.35, typically Nov/Dec being lower rates in the past.
(c) October FED No-taper seemed a close call supporting these low rates, will a taper possibly in Jan move these rates higher another 1% ?
(d) Would it be a good idea to lock in now and re-evaluate the if there are better rates in Jan/Feb, discard the previous locked rates and go with Jan/Feb rate if that is better. I understand there are premiums involved for long term rate locks, i was trying to look for something like .25 to .5 higher than current rate (all included in rate).

FTH buyer, suggestions welcome.

[jdallas]

lock in now. you can always go for a lower rate later. Also, build in a buffer on the backend of your construction schedule. They often go longer due to punchlist items and you don't want to be forced into a higher rate.

[frenzyrider]

Originally Posted by jdallas

lock in now. you can always go for a lower rate later. Also, build in a buffer on the backend of your construction schedule. They often go longer due to punchlist items and you don't want to be forced into a higher rate.

it will be hard to get anyone to lock the rates more than 90 days out. Even if they do, the fees will be outrageous and even outweigh the lock.

[akm123]

Thank you. I was reading some posts and someone mentioned, they may be able to get the higher rate (ex: current rate is say 4.3 and locking it for say 6 months or 9 months would be 4.8 or 5).