Rate Locks Explained: When to Lock and Why

Mortgage rates move daily. A rate lock freezes your quoted rate for a set period so a market jump before closing doesn't raise your payment.

How locks work

Once you lock, the lender guarantees that rate for a window — commonly 30, 45, or 60 days — as long as your loan closes in time and your details don't change. If rates fall sharply, some lenders offer a one-time 'float down.'

What a lock costs

Shorter locks are usually free or cheapest; longer locks and float-down options can carry a fee or a slightly higher rate. Match the lock length to your realistic closing timeline.

When to lock

Lock once you have an accepted offer and you're comfortable with the rate — especially if rates are rising or volatile. If your closing slips, ask about an extension early; letting a lock expire can be costly.

Shop first, then lock

Lock with the broker who won your business after comparing offers — not the first quote you saw. Comparing first, then locking, is how you protect the best rate, not just a rate.