I wouldn't think so as long as your closing date has not been extended.

Talk with your lender about it.

Could even be that that rate has gone down, depending on when you locked.

As long as you close by the date your lock expires, and you continue to qualify for the loan, should be no problem. The rate lock has only do with obtaining a certain rate and a change like this in your favor is of no consequence. Verify with your loan officer in case there is something else to this scenario we don't about.

John,

Generally speaking the price reduction itself would not impact the lock. However, if the loan-to-value (LTV) is changed, even slightly, this could cause an issue with the loan's pricing or eligibility. Discuss this with your loan officer and find the best way to keep your existing terms in place. You should be able to accommodate this change without trouble, but address it now and not later.

Good luck,

Rob Spinosa
rspinosa@mortgagemasterinc.com

No. Most lenders have a tolerance for this.
Ask your loan officer.