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.

[Daria B.]

That's an interesting conundrum I would like to see what answers you get. 

I've always worried if locking in was a good thing to do for the sake of dropping rates but then again just knowing IF the rate increases, the lock in secures the Note at a lower rate.