What happens if rates drop after I lock my mortgage rate?
Once you lock your mortgage rate, you are generally protected from rate increases but also locked out of decreases unless your lender offers a float down option. Float down provisions vary widely by lender and loan program. Some allow a one time adjustment if rates drop by a certain amount before closing, others charge a fee, and many locks do not include it at all. Whether you can benefit from a drop after locking depends on the specific terms of your lock agreement and your lender's policies. A licensed lender should confirm what your lock allows and whether a float down makes sense for your situation, and Jon can connect you with one.
Want the current number?
The site assistant can pull today's mortgage rates right now from the site's own data feeds and tell you the source and date. It is automated, and Jon reads every conversation that leaves contact details.
Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.
More on mortgages and rates
- FHA vs conventional loan, which is better for me?
- Fixed-rate vs adjustable-rate mortgage, which should I choose?
- How do I shop mortgage lenders and compare quotes?
- When should I lock my mortgage rate and how long does a lock last?
- What are current mortgage rates in Arizona?
- Should I buy mortgage points to lower my rate?
Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.