I’ll second what HLS said. I was able to get a .5% rate reduction when the same thing happened back in September. I was locked on a Friday with Countrywide at 6.125% w 1pt, docs were going to be prepared on Monday for a Tuesday signing. Then over the weekend the gov took over the GSE’s and rates dropped to the mid 5’s on Monday. Countrywide initially was unwilling to reduce the rate so I went shopping and got a rate lock with Wells at 5.625 w/1 pt. When I faxed a copy of the rate lock document to Cwide suddenly they found away to reduce the rate to 5.625 w 5/8 pt bettering the Wells deal. That 5.625 was looking pretty good until this week.
