Mortgage interest rate change

[Lakshay G.]

Hello there, I’m closing on a property next week on conventional 20% down loan. My lender locked the rate 4.75% at least 2 months ago and I believe rates have dropped a little. I’ve already asked the lender to run an update but is he actually going to drop my rate? Let me rephrase, is he legally bound to drop it if the rates truly have dropped or can he flat out refuse to re run as it’s too close to the settlement or simply alter (lie) and say that rates are the same. Thank you.