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. We submit your purchase or refinance file to multiple wholesale lenders and compare what each one offers, so your pricing is not limited to one lender's rate sheet.
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.