Lock interest rate or float
19 Apr 2019 A mortgage rate lock float down is a mortgage rate lock with the option to reduce the locked interest rate if market interest rates fall during the lock If you think interest rates may rise, it may be a good idea to lock your mortgage rate at a fixed rate; if you think they will fall, you may want to float your mortgage rate Your interest rate is one of the most important components of your mortgage process, as it impacts what your monthly payment and lifetime loan amount will be.