Rate Lock / Float DownI am in the process of refinancing my former primary residence, which is now rented.We have an approval, and apparently our rate was locked about a week or two ago at 3.75 % - 75% LTV. I called to ask about what rates were available because I saw that rates had dropped quite a bit in the last few weeks. The person I spoke to at the mortgage company said that once a rate is locked it has to drop by a certain margin or else it can't be changed.They did not tell me what that margin is, and I plan on asking them, but this sounded like BS to me? I wanted to check in here before asking any more questions to the lender.October 01 2012 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.