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Can I get the Lower rate after being locked in?

My 15 Yr frm loan was just locked at 3.88 but I see rates are getting lower. What can I do? by blendpgrey1955226 from Runge, Texas. Apr 17th 2018 Reply


I would not do anything. It would be virtually unrecognizable if another lender was quoting 3.75% & you are at 3.88%. Not worth paying any discount points. If it is bothering you then just send an extra few dollars in every month with your payment & you'll accomplish same thing.

Apr 17th 2018
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,670 contributions

Yes, no, and maybe. The first thing is that I am not sure where you are seeing any of this, because rates essentially haven't moved recently. One of the most confusing things about 'lower rates' I see on a regular basis is that Freddie Mac reports national rate averages every Thursday. Two weeks ago they reported the previous weeks average on a 30-yr fixed was 4.46%. Last Thursday they reported is 4.44%. So all over the media was "Rates Dropped". Then, the average is from the previous week. So they have no bearing on what you can get TODAY. As for can you re-lock, For most people during the time it takes to close a loan, rates will move around 1/8 higher or lower. Constantly chasing the 1/8 lower isn't realistic. Also, be very happy it is locked. The odds of rates going higher is more likely, and with your loan safely locked, the lender won't charge you a higher rate in between now and closing.

Apr 20th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,294 contributions

Rate locks protect you and the lender.. so when a rate is locked, it's locked.. You probably wouldn't appreciate it if the rates went up and your lender called and said,, I know your locked in, but we want to charge you a higher rate!!!. That being said, some lenders have an option that if the interest rates improve by .25% or more, then they will allow you a "one time" re lock at the lower rate.. but beside that, you would have to move your loan to capitalize on a lower rate.. and that could cost you.. if you are purchasing and you have already done the appraisal, then in most all cases, you would need a new appraisal.. and your clock will be starting all over again.. in all realty.. for every $100K financed and every 1/8th *(.125%) change in the rate, it affects your payment by $7 per month.. hardly worth getting worked up over.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 20th 2018
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