Wow, sounds like you’ve gotten some less than stellar advice. Rates are up, but have come back in the past two days, so if your loan isn’t locked, highly likely rate should be better than 5% (and better today than Monday, Tuesday, or Wed this week.) You CAN refinance as soon as you want after closing, the bigger issue is your equity, paying closing costs again, and setting up a new escrow account. I don’t understand why you weren’t able to lock the rate sooner, that is contrary to the way virtually all lenders do business. Average rate today nationally was 4.4% if that info helps.
Also, if you are doing an FHA loan, you will not be able to refinance as quickly as FHA requires a 6 month payment history before they allow a borrower to do a streamline refinance…..if you’re doing a conventional loan, that won’t be the case.
I would not consider refinancing immediately after finalizing your loan. Unless you can secure at least a .5% rate reduction, it is not a profitable move. The costs of the new loan will eat up whatever savings in payment. You would be better off buying points now than refinancing in less than 6 months. Keep your eye on the rates and if you see them drop, I would lock the rate just in case there is a delay in closing.
I would appeal to the L/O’s manager, complain and demand the company honor the 3.25% rate that you were quoted. If that rate is on all the documents that you signed and you were never given the opportunity to lock, then your argument is you were misled. Let the company and the L/O take the hit…..not you! Or see if closing can be pushed back and if so then find another lender. The heck with that company! This is probably THE biggest investment you’ll ever make in your life time and more than likely we’ll never 3.25% again. Try to get it!