Hi Cherstaf,
Are you locked at a LENDER, or BROKER?

If you're at a lender, you are likely SOL in terms of getting relocked at a lower rate. Usually there is a significant period of time (60-90 days) that has to pass after an expired lock at any specific lender before you can go back in & lock lower.

How much upfront cash (if any) have you paid for this round of financing? If "nothing," then I'd suggest quickly getting busy to find a suitable BROKER who can pick up the ball quickly (as quickly as this choked industry can rpesently move) and get your deal far enough along to get a rate lock at the lowest possible coupon.

We are advising all clients to refinance using your equity to buydown to the lowest available permanent interest rate (currently we can secure as low as 4.25%.) The buydown costs to secure 4.25% shift daily, and have been ranging in a cost-to-savings breakeven period from 2 to 3.5 years forward.

Is that what you want to do too? I'd definitely recommend it.

Cheers,
Dave Donhoff
Leverage Planner