What happens with interest rate lock with home lender when rates fall?

I have a 30 day interest rate lock with my lender on a home in which I'm in escrow. What happens if rates drop 1/8 of a pt or more? Do I have any option to get the better rate besides switching lenders? Thx|||Unfortunately nothing. The interest rate lock is just that, it locks your rate for a period of time. I know it is disappointing that the rates dropped, but you would be dancing in the aisles of the rates had nudged up a bit.





You could switch lenders and try to get that cheaper rate, but you run the risk of delaying the transaction and exceeding the duration of your contract. If you are going to change horses in the middle of the race, make sure the new lender can deliver in the time frame you are facing. Be sure to ask the questions, especially about turn around time, how long underwriting takes, etc..|||If your rate is locked why are you asking? That's the risk you take when you lock. I get this question all the time when I suggest to my clients that they float for 10 days. If you're locked in and rates go UP we don't make you take a higher rate do we? When you lock a loan that means that you've secured X amount for your loan on the secondary market at the time of the lock.|||it depends on the lender. When I did this, my rate went down when the interest rates dropped. However, some rate locks do not do this. You need to ask.|||piece of cake; get your lender to add the condition that if rates drop ANY amount before


COE, that rate will be the offered you.|||tell the potential lender that you will go to the competition if they dont get you the new rate|||You should get so lucky to have the rate drop in 30 days! Look beyond your pocketbook fella.