I locked in my mortgage rate at 6.988%, can I get a lower rate?

Question

Someone told me today he saw something about mortgage rates going down. I locked my rate already, but what are the chances of getting a lower rate now that they are down? I don't close on my house until 12/10/07. Am I still able to get the lower rate if I locked it, but haven't closed? Thanks.

Answer 1

Once you've locked in a rate, it is typically good for 30 days. If your loan closing takes longer then that and the rate expires, you should then qualify for the lower rate. If you want to shoot for the lower rate before your rate expires, you can usually buy down the rate for a small fee. Ask your loan officer if they offer that option and how much it would cost.

Answer 2

Probably not. Locking a rate goes both ways. If rates increase, you get the benefit of the guaranteed lower rate. Same concept applies if rates go down.

Answer 3

very confusing step. try searching over a search engine. it might help!