Key Takeaways
- A rate lock guarantees your interest rate for a set period while your loan closes.
- Locks typically last 30–60 days.
- Locking protects you if rates rise; a float-down can help if they fall.
- Lock once you’re under contract and confident in your timeline.
Interest rates move every day. A rate lock is how you nail yours down while your loan makes its way to closing.
What is a mortgage rate lock?
A lender’s guarantee that your quoted interest rate won’t change for a set window — often 30–60 days — even if the market moves against you during processing.
When should you lock your rate?
Usually once you’re under contract on a home and comfortable with the closing timeline. Locking protects you from rate increases while your loan is processed and underwritten.
What if rates drop after you lock?
Some lenders offer a one-time “float-down” that lets you capture a lower rate if the market improves. Ask about your options before you lock. I’ll walk you through the timing.
Frequently Asked Questions
How long does a rate lock last?
Commonly 30–60 days, with longer locks available for a fee.
What happens if my rate lock expires before closing?
You may be able to extend it (sometimes for a fee) or re-lock at current rates. Staying on schedule avoids this.
Does it cost money to lock a rate?
Standard locks are usually free; extended locks or float-down options may carry a cost.
This article is for educational purposes only and is not financial, tax, or legal advice. Rates, terms and program guidelines vary and are subject to change; contact David for guidance specific to your situation.
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