After interest rate lock, how can we monitor to see if interest rate goes down to re lock? (mortgage rates, loan)
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The one-time float-down feature tends to come into play only with substantial market movement.
Movement, especially downward movement, very rarely takes place in one fell swoop. It would take something akin to a domestic terror attack, or extreme market collapse, IMO. In the past five years, I've had one instance wherein the market moved sufficiently to employ the float-down. It's a marketing tool.
You should ask for the fine print, ie., "How many basis points does which market have to drop in order for this to become available?"
The one-time float-down feature tends to come into play only with substantial market movement.
Movement, especially downward movement, very rarely takes place in one fell swoop. It would take something akin to a domestic terror attack, or extreme market collapse, IMO. In the past five years, I've had one instance wherein the market moved sufficiently to employ the float-down. It's a marketing tool.
You should ask for the fine print, ie., "How many basis points does which market have to drop in order for this to become available?"
Thanks for the info.
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