 If I decide to lock my interest rate and rates go down, will the lender give me the current lower rate? |
 It depends upon the lender involved and how much of a rate decline has occurred. Some lenders may re-price the mortgage at a rate close to market if there has been a substantial rate decline (i.e. = or >3/8%) and some may prefer that a mortgage is canceled rather than re-price it at a market rate. Some lenders allow borrowers to lock and then float the rate down one time during the mortgage process, typically a borrower is required to bring in a fee of ½-1% of the mortgage amount which is then credited (or refunded) to them at closing. It is a lock fee the lender requires to insure the transaction will in fact close.
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