Mortgage lender said they couldn't lock in my rate?

[J Greenspan]

Hello everyone,

I am new to real estate investing so I am still learning how the process of buying a home works. I was originally told by the mortgage banker that if rates went up, the rate they quoted me wouldn't change, but if rates went down, I could essentially reap the benefits and lock in a lower rate. Yesterday, I saw that mortgage rates dropped significantly and I figured I would "lock in a lower rate" only to be told that they couldn't do it for various reasons. The first reason being a "Safe Harbor Law" restriction...which he explained is a law preventing lenders from charging too much for lower rates (I think?). The second part of his reasoning was that since it is technically classified as an "investment property", the rate will naturally be higher than if I were buying a house as a primary residence (this I can understand). But if I am looking to buy a property within the next 60 days, wouldn't it make sense to lock in the rate now or am I just being jerked around? He basically told me that I would have to find a house before they lock in the rate (maybe that's normal...I don't know). It just makes me question what other excuses they will come up with in the future, and if I should be looking for another lender as a backup. Any advice or input would be much appreciated. Thanks in advance.