We recently "locked" our rate on a rental property we are buying at 4.875. A day later, drops back down to 4.625. Can we no longer get the 4.625? Are we "locked" in at that rate thru closing?
You are locked in at 4.875%, but most lenders will allow you to re-lock the rate for a fee. It's not cheap though, maybe ~$500, so you should only do it if (a) you are sure the loan is going through and (b) the re-lock fee is less than the money you'll be saving with the new rate (which depends on the loan amount and how long you plan to keep the property).