Profile picture for BoulderHomeHunter

Rate locked at 4.325 last week. Can I re-lock it ?

Looks like rates for 30 year fixed has fallen below 4% today. Can I now ask my agent to adjust it ?. What if he doesn't agree ?
  • August 10 2011 - Louisville
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Answers (3)

Profile picture for David Widlund
We have been locking FHAs at 30-yr fixed for 3.75% today without discount points so the rates are out there. Let your loan officer know that you would like to renegotiate or consider going elsewhere. Good luck
  • August 10 2011
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You locked 4.325% on what type of loan?  With or without points?  If you plan to stay with the current company you are with ask them about their float down policy.
  • August 10 2011
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Some lenders have renegotiation polices.  Ask about that.  However, I don't think you'll truly see "no points" rates below 4% unless this trend continues.  What you see advertised and what you can get are rarely the same thing, sadly. 

If rates drop so much that it's worth it for you to do another appraisal and change lenders, there's nothing preventing you from doing that.
  • August 10 2011
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