Float-Down Option for Mortgage

[Daniel A.]

Hi all, 

I am wondering what your experiences have been regarding a float-down option or having lender match current rates on mortgages after locking in a rate.

In my current experience, I have a rate locked in at 3.625% and now that rates have fallen to 3.5%, my lender (credit union) says that they do not have a float down option and that they cannot lower my rate in any scenario. My closing is mid Feb. They say that my rate wouldnt go up if rates had increased and therefore they cannot lower it either. Disappointing because its thousands of dollars when thinking 30 year term. I had heard mixed things about float downs. Is this normal?