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Rate Lock Explained
A rate lock freezes your interest rate for a set period while your loan is processed, protecting you if rates rise before closing.
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How a lock works
Once you lock, the lender guarantees your rate for a window, often 30 to 60 days, as long as you close in time and your loan details do not change.
Lock vs float
Locking protects you from rising rates but means you do not benefit if rates fall. Floating leaves your rate open to the market until you lock. The right choice depends on your risk tolerance and where rates seem headed.
If your lock expires
If closing is delayed past the lock period, you may need a lock extension, which can cost a fee, or you may have to accept current market rates. Ask your loan officer about extension costs before you lock.
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Frequently asked questions
What is a rate lock?
A guarantee that freezes your interest rate for a set period while your loan closes.
How long does a rate lock last?
Commonly 30 to 60 days, sometimes longer for a fee.
Can I lower my rate after locking?
Usually not, unless the lender offers a float-down option. Ask before you lock.
Important disclosures. LoanFitCalc is a free educational tool that provides estimates only. It is not a loan, a loan approval, a commitment to lend, a rate lock, or an offer to make a loan, and it does not provide financial, legal, or tax advice or recommend a specific loan for you. Mortgage insurance rates, funding and guarantee fees, loan limits, taxes, and insurance figures are typical published values used for estimation and are subject to change. Program eligibility rules are summarized and simplified. Actual terms depend on your full application, credit, property, and lender underwriting. Consult a licensed mortgage loan originator before making any decision. LoanFitCalc is an independent educational website and is not a lender. ⌂ Equal Housing Opportunity
