Often yes. Most lenders have a float-down policy, but it works within limits you want to understand before you lock. A rate lock is a two-way promise. It protects you if rates rise, and in exchange the lender expects you will not come back asking for a lower rate on every small dip. If you got the downside protection plus the full upside, no lock would ever hold. So float-downs kick in on a meaningful move, and policies vary by lender: - The threshold. Many lenders want something like a quarter to three-eighths of a point of improvement before they will even discuss it. - The split. When they renegotiate, they typically keep part of the improvement (often around half) to cover the hedging cost they took on when they locked you. Most of the improvement still flows to you. Two practical steps. Ask your lender, in writing, what their float-down terms are before you lock, since the threshold and the split differ by lender. And on a new-construction loan where the builder is offering a below-market incentive rate, confirm that offer separately, because those rates come from the builder's forward commitments and do not track the daily market. If you want us to walk through your specific lock terms and options, that is exactly the kind of thing we sort out on the free Roadmap conversation (about 20 minutes).