re: Maybe I’m wrong and that’s OK. But I need to understand the ethics behind this mortgage.

quote:

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Your broker didn't lock your rate because:

A-They were unsure of how long it would take to get your loan approved and didn't want to chance the rate lock expiring

B-In order to get your business, they promised you a rate that was costing them money to buy at the time

C-They're gambling that their pricing for that rate would go down, allowing them to make more $ on the backend

Most likely, it's option C

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I agree with all of this.

However, a ton of mortgage "shoppers" are more than happy to shop a rate with a mortgage lender and then jump ship to another company if there is a dip in the pricing down the road.

No mortgage company is going to lock a rate in for you "for your best interest" without your expressed consent. It would be against their interest to do so.