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New homeowners and others wanting a mortgage at the New Building Society (NBS) will pay lower interest rates from July 1, the society announced yesterday.The reduction in the rates will come as further good news for prospective homeowners with commercial banks and NBS reporting an increasing number of applications for mortgages.NBS has announced a reduction in its mortgage rates,Justin Blackmon Oklahoma State Jersey, effective July 1st. (Inset) NBS’ CEO,Santonio Holmes Ohio State Jersey, Ahmad KhanFor mortgages less than $4M,Kenny Bell Nebraska Jersey, the rates will be 4.25 per cent. Mortgages between $4M and $10M will now attract an interest rate of 6.15 per cent,DeMarco Murray Oklahoma Jersey, down from 6.25 per cent.For $10M and above, the interest rates will reduce to 6.75 per cent from 7.45 per cent.According to NBS’ Chief Executive Officer (CEO), the decision on the new rates was taken by its Board of Directors to make mortgages more affordable.NBS is the biggest mortgage lender in Guyana.In recent years,Ty Lawson North Carolina Jersey, NBS’ advances on mortgages have been growing at a rapid rate as government continued with its housing drive. Over 6,Tyler Hansbrough North Carolina Jersey,000 more house lots are expected to be shared out this year.In 2011, advances made by NBS were to the tune of $4.2B. Last year this jumped to $6.75B,Barry Sanders Oklahoma State Jersey, representing a 60 per cent increase in its business.“…and based on what we achieved thus far in 2013,Patrick Willis Ole Miss Jersey, we are well positioned to comfortably surpass that,Archie Manning Ole Miss Jersey,” Khan said.