Can I float down my conventional rate?
Sometimes. Some lenders offer a one-time float-down option after lock if rates drop by a defined threshold (commonly 0.25% lower). Float-downs typically have a fee or restricted timing. Most retail bank programs don't offer float-down; broker channels vary by wholesale lender.
What this actually means.
Float-down provisions vary widely. Common structures: one float-down allowed if market rates drop 0.25%+ from the locked rate, must be exercised before final docs, may have a fee or extend the lock period. Always confirm float-down terms before locking — you can't add them after the fact. Subject to lender lock-program rules.
Where this can move.
Credit score, LTV, points, lender credits, lock timing, and market movement can change the rate quoted. APR includes finance charges.
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More conventional questions on Rates.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.