After interest rate lock, how can we monitor to see if interest rate goes down to re lock? (mortgage rates, loan)

[LuvVA]

I have locked my mortgage interest rate (0 points, 30 yr loan) with my mortgage company.

I can get a lower interest rate before settlement if it goes down. But I am not sure how can I find this out.

I check bankrate.com periodically, in addition to this I check other bank's mortgage rates.

Sometimes I see it little lower than what I have locked but when I check with my mortgage company, I come to know that it has not come down.

What else to monitor to see if the rate has come down?

Even a slight drop in interest rate can save me $40-$50 per month.

[Pfhtex]

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?"

[LuvVA]

Originally Posted by Pfhtex

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.