I assumed mortgage rate is locked, but lender told NO

[Raj G.]

Hi, I was in the process of buying a home in jersey city, NJ , I talked to many lenders and then finalized the lender who offered me best rate, lender told me that it's 1 float down mean if rates go higher I won't be affected but if rates go down then rate will go down once, I filled online application, submitted all documents. lender also gave me pdf document with mortgage rate and all other cost estimate.

Today when my attorney asked me for commitment letter, I contacted lender, then he told me that my rates are not locked and he needs to run again to see today's rate.

it was a shocking news for me, because today's rate are much higher then rate3-4 weeks back.

Just wondering if anybody else faced the same situation, what should be done, other then being a puppet in lender's hand.