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.
Plain-English explanation
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.
What can change the answer?
Credit score, LTV, points, lender credits, lock timing, and market movement can change the rate quoted. APR includes finance charges.
Want the real answer for your conventional file?
Conventional guidelines are the rule. Your credit, income, DTI, PMI, LLPAs, and Florida payment math are what decide the actual answer.
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.