Interest Rate

[Mayank S.]

I am in the process of closing on one of my investment property. It's conventional financing 30 years fixed @ 5% on 20% down. Interest rate was locked when initiated the application couple of months back at 5%. Now rates have plummeted quite a bit and I am thinking of asking my lender to provide me rate lock float down option. I believe industry norm is to provide one free float down incase rates dip for more than quarter percentage point. What do you think are my options? Is 5% still a good rate or I should negotiate with the lender to give me favorable rate?