Rhayward, forgive me if I'm not clear on your question. As my colleagues have stated,your interest rate cannot change for the entire term of a fixed-rate mortgage. So the rate you lock and close at is the rate that you will have until you've paid off the loan. Now, if you've locked your rate, but haven't closed yet and rates have declined, you should ask your loan officer if they have a float down option. This will allow you to take advantage of declining interest rates. But not all lenders offer this option. My bank does. For more information or assistance, I can be reached directly at 917.699.0183.
I value your feedback, so please hit the thumbs up if my reply was helpful. All the best.
Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973