1. Feb 11, 2003 #1
   

   guppas Well-Known Member

   If I "lock" an interest rate today from a mortgage company, what happens if the rate goes down before closing? Am I screwed?

    

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3. Feb 11, 2003 #2
   

   delilah131 Well-Known Member

   Unfortunately, I think so.
   
   Locking it in does just that -- locks you at that rate and it cannot be changed, for better or worse.
   
   peace,
   delilah

    
4. Feb 11, 2003 #3
   

   lbrown59 Well-Known Member

   Not as bad as not locking and the rate goes up.

    
5. Feb 11, 2003 #4
   

   guppas Well-Known Member

   Good point. Thanks.

    

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