a float down allows you to change to the lower rate. You should ask your lender about this option before you lock in your rate so you know the rules under which it would apply, as well as ...

Some lenders offer a mortgage rate float-down option, which allows you to lower your rate during the lock period if market rates fall. Floating down your mortgage rate comes at an added cost ...

A float-down option takes away that risk. Some mortgage lenders offer rate locks with float-down options, so you can still get a new rate if mortgage rates dip below your rate lock. It typically ...