Locked in a 5.625% rate last week and the lender just emailed saying it dropped to 5.375%

I applied with a credit union in Portland on Monday and locked in at 5.625% for a 30-year conventional. Two days later they sent a notice saying the rate had fallen and they'd honor the lower one without any extra fees. I saved about $35 a month just by asking them to check if there was a float down option in my lock agreement. Has anyone else had a lender automatically lower their rate after locking?

2 comments

2 Comments

tara70028d ago

Congrats on the free money, must be nice when the universe actually throws you a bone.

leo_kelly28d ago

Yeah the universe threw me a bone but it was one of those ones where you trip and land face first.