In the context of financial risk management, consider that a risk analyst is utilizing the Ho-Lee model to construct a monthly binomial interest rate tree. The specific parameters of this model include an annualized drift of 80 basis points for the first month and 120 basis points for the second month. The current short-term interest rate, expressed on an annual basis, stands at 3.2%, while the annual volatility is quantified at 2.1% as measured in basis points. Based on these inputs, determine the interest rate at the lowest node in the tree after a time span of 2 months.