change interest rate before closing

[Ramy Man]

Has anyone had experience with changing the mortgage rate somehow right before closing?

The interest rate is currently going down but I am locked (it seems) at an interest rate that is higher. It seems like there isn't a way to lower the rate since I was locked in at a higher rate a couple of weeks ago.

[Chris Mason]

Originally posted by @Ramy Man:

Has anyone had experience with changing the mortgage rate somehow right before closing?

The interest rate is currently going down but I am locked (it seems) at an interest rate that is higher. It seems like there isn't a way to lower the rate since I was locked in at a higher rate a couple of weeks ago.

 Locks cut both ways. 

Some lenders have "float downs," but typically these are lenders with high "starting" rates to begin with, they're just cutting into excess profit they normally collect, it's not actually a float down even though it appears that your pricing gets better.

So if you're getting a good rate, expect not to be able to float it down. An institution running on razor thin margins = no wiggle room to chip away at. Fat margins = here sure have this cookie (institution proceeds to eat an entire cake).