and if rates drop significantly, you can re-lock your rate later. There is usually a fee to do this, but it's not egregious....and the shorter window you give yourself to re-lock, the less the fee. For instance, if your repricing window is 30 days the cost will be 4x more than if it is 7 or 10 days.

Also - just a tip - ask about the ORIGINATION FEES. That can make a bigger impact than rate. If you can have them give you options of rates, or better yet check your rates with multiple MLOs (your credit will not take multiple hits as long as they others pull it within 30 days), you can truly get the best rate.

Two more points:
1- The rates today are, to a great extent, already factoring in what the FED plans to do. So unless the FED shocks us with a larger than expected cut or no cut, they won't change significantly from today vs tomorrow.
2- Next, if things go as projected, the fed will probably reduce rates again in Oct and/or Nov. A downward trend will likely continue for a few months and then hold steady in spring. If you are buying today, there is a good chance it will be worth refinancing within 6 months to a year (so make sure your loan doesn't have any prepayment penalties). If you plan to consider a refi within a year, be sure NOT to do a rate buydown, though. Alternatively, you could look at a 2-1 buy down to have a lower payment the first 2 years, then refi in 1-2 years at lower rates. However, keep in mind this will drive your closing costs up, so you could be refinancing more $ in 2 years....just be sure to compare your origination fees. That is usually flexible (though they say it's standard) because it is essentially the MLO's commission.