in 15 days (or so) you can move forward with the current application (assuming it is really a locked in rate) or with a new application at a different rate. Decide then.

However the cut is already priced in 60-80% in the futures, so I bet you won't see much movement if any if it is a fixed rate offer. If floating, what is the rate benchmarked to? That could move some, but even then maybe not.

However if there is no cost to holding that rate lock for a bit, then do it, it cannot hurt you and has a potential benefit (market rates could rise if they don't cut.)

You want a TV, you can pay $600 today, or whatever the price is in two weeks, but you get to pick which price. You'd always choose the option to see what that price is in two weeks if no cost.

From about 6.5 fixed to about 3.99 fixed.

I felt out a couple different lenders. Based on advertised rate ranges and the fact the seeming routine practice of all of them suggesting an initial rate on the first screen and then moving it up a tad by the end (reading reviews this seems commonplace), that seemed as good as could be done. I don't care about user features. I'll be on autopayments. I just want the lowest possible rate with some potential forbearance if something strange happens.

I need to look at the fine print again on how long the rate is good for to confirm my flexibility and balance that with the likelihood of a rate decreasing.
But there is a bit of frustration of going through the initial process and then being bumped up a bit by the rate. While it's still better than my current rate and toward the better tail of the listed possible ranges, having the initial number toyed out there after the first page of the application process put a bit of an anchoring effect for me as to what I'd like to have.

That was a "no" for me, the rate wasn't enough of a difference to put my husband on the hook for the loans if I happen to get hit by a bus. It was a few months ago, and the difference was 6.25 to 5.25.

I've looked at a few and can't get a fixed rate under 6% ... which is in the same ballpark as my loan rates anyway, and requires shortening the loan terms and increasing the monthly payment.

But I can get a car loan for 2%. Sigh.

It sounds like you are lowering your rate by X bps. Does it really matter if your rate is 1/8 or a 1/4 of a point better than your current quote? You're still better off than where you were last month.

Take the money and run.

I would suspect current rate quotes have already factored that in.

But, if I do my economist thing and say it all depends on what you assume

-given that the rate cut is probably only going to be 1/4%, I not so sure it would affect the rate for student loans all that much. There isn't always an immediate cause/effect for very small Fed rate cuts for all matters of loans especially considering that rates in general are already pretty low.

- if the Fed decides not to cut rates after all

-a large event (significant earthquake in CA., further issues with Iran etc) could actually cause rates to go up.

In short, if you think it is a good rate, I'd go with it.