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I am late to the party, and yes, rates are better right now. But I do have a thought not knowing exactly your situation. If this is for a pre-approval, without locking the rate, the loan officer may be doing what I normally will do ( but behind the scenes) and that is get your loan approved at a higher than current market rate to protect the approval. When I was with a large bank, we could only run the automated (DU) approval 1 time. Talk about a pain. But some systems have different scenarios. Your co-borrower's score may have a hand in the rate, but it's usually on scores below 600. (Are you sure you were told the right score?)
If you are uncomfortable, stop everything now. This is the largest financial decision you are about to make, don't proceed unless you are confident in the people you are hiring to assist and advise you.
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