Re-applying for the lower interest rate after cancelling a refi?

[Bruce P.]

Hi, my friend recently applied for a refinance for their single family home in California (primary residential mortgage).  They were approved and now during the 3 day waiting period after closing documents were signed (see https://www.biggerpockets.com/forums/311/topics/755607-can-i-cancel-a-refinance-after-i-sign-the-documents), the mortgage company lowered the interest rate. My friend asked if they could get the refinance with the lower rate, and it looks as if the mortgage company may be trying some stalling tactics in getting back to them.

If the company doesn't get back to them on the third day, should my friend just send the letter of recision at that point so the postmark will reflect that date and then just reapply hoping they'll get the lower rate?  It seems like since they've already qualified for the loan, the refinance lender would want to grant them the lower rate rather than stall and hope my friend closes at the higher rate. My friend realizes this is a business transaction for both sides and is trying to get the best deal possible.