Can I rescind Loan refi?

[George Lods]

Hi everyone! Need some advice. I was working on a refi of our primary residence and now thinking of backing out but not sure if I can legally. I would think its possible but I don't want the lender to bluff me with fees and penalties to stay if I can legally walk. Basically we signed approx the 30'ish pages that say this will be your rate, %, term and payment etc. We haven't made it to closing nor has any money changed hands. Its been in the works for 5-6 wks now, prob delayed due to covid, but just today we received a better offer at 2.49%. The company Im thinking of walking away from is offering 2.75% (my current rate 3.25%). TIA!

[George Lods]

@Moises R Cosme thanks and I did end up having a convo w/ the first mortg agent and he wasn't defensive as I had feared. He simply stated he would match whatever the second offer proposed. Which leads into the point @Wayne Brooks brought up which is fees. The 2.49% came with an additional cost of $2500 at close and in doing the math, the lower rate would save me  a whopping $17.29 a month lol. That would take me about 12 yrs to recover that 2500. Heck I can make way more than 17 bucks in just 5 min doing day trading with that same 2500! Thanks for the response guys!