I'm sure this is a really dumb question - about interest rates (credit, rate lock)

[Isle_Gal]

We have a contract on a house, all the papers have been signed etc and now the banking people are doing whatever it is they do between signing all of the papers and closing in the next few weeks.

I just saw on Yahoo! blog that average interest rates just dropped for the second week. It seems like a very tiny amount, but still ...

Here's the dumb question - can we ask the bank to rerun the numbers since (in my very rudimentary understanding anyway) had we waited until this week, we would be getting a better rate?

[FalconheadWest]

With all the papers you signed, did you sign a "rate lock" form? If you did, it's too late. Most lenders do not do a "float down" anymore, unless there's a significant difference.

Plus, a site like Yahoo is taking averages from across the country. It doesn't mean that's what rates are in your area or with your particular credit situation. People who put 5% down get a different rate than people who put 25% down. People who close in 14 days get a different rate than people who close in 45 days...

[chup76]

You have to talk with your lender. If your @ 4.00 and say it's 3.75, they *might* float you down to 3.875. But this almost starts the process over again since I think you have to resign papers etc.