Most buyers know that once they choose their lender and their mortgage program, they will be given the option of locking in that rate - or floating until they get so close to closing that they must determine which interest rate they are going to keep for the life of their mortgage (we must normally know the exact rate you choose 10 days prior to closing).
If you lock into an interest rate, with most institutions, and rates drop before you close - "oh well." Conversly, if you meet with your lender on Monday morning, and rates are at 5% - then on Wednesday you decide you'd like that 5% rate and call the lender back... well, rates might be at 5%, or they might be at 5.5%!
We offer borrowers a unique option... if you lock into your rate with us today, and rates drop (up until 10 days prior to closing) we'll let you float down to a better rate! There are a few strings attached, but not many, and we have saved our clients THOUSANDS of dollars because of a slight movement in interest rates.