|Most lenders will not lower your rate after a rate has been lock. On occasions when the market has had a significant drop, lenders might allow you to lower the rate because they want to keep the loan. They know you may cancel and go with someone else, so they may not make as
much profit on your loan but getting the loan is more important. If you are using a mortgage broker, your broker can change the lender because they have a copy package with all of your information and they will submit to another lender.