Q: We’re closing on a new home at the end of November. We obtained a rate cap with a one time option to float down the rate after we signed the contract for our new construction a few months ago.

On September 12th I locked in our rate at 7 percent because when I called the lender on the 11th , the day of the terrorist attacks, he said the rates were probably going to go up.

Since then, the lender’s rate has dropped to 6.75 percent, and may continue to drop until the closing.

I have $1,000 on deposit with the lender that I would lose if we went with a different mortgage company. Is there any way I can get my current lender to lower the rate for me? I am not closing until the end of the month.

A: The only thing you can do is talk to your lender and explain that if they can’t do anything for you, you’ll probably be refinancing your loan within months. That news probably won’t make the end lender (the investor to whom your loan officer will sell your loan) too happy.

What you have to figure out is if you can reasonably get another lender to do your loan in a few weeks. The answer, probably, is no, because the lenders and appraisers are so backed up from the current refinance boom going on.

If your lender won’t help you out (and he or she may not be able to), you may have to live with 7 percent until later in the year and then refinance.