Rates & Locks
What is a float-down and can I get a lower rate after I lock?
Context
Borrowers who lock early sometimes worry about missing out if rates fall afterward.
The short answer
A float-down is a lender option that lets you capture a lower rate if market rates drop after you lock, usually once and within limits, sometimes for a fee.
Things to keep in mind
Not every lender or program offers a float-down, and some charge a fee for it.
Next step
Because DMF shops multiple wholesale lenders, we can tell you which lock and float-down terms are on the table for your specific file — ask us before you lock.
Have a question about your own situation?
DMF serves Minnesota homebuyers and homeowners by shopping your purchase or refinance file across multiple wholesale lenders — not a single bank's product menu.
Davis Monroe Financial, LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.