Rate lock
A lender's guarantee to hold a quoted interest rate for a set period — often 30 to 60 days — while your loan closes, protecting you from rate increases.
What does rate lock mean?
When you lock a rate, the lender commits to it for a window long enough to close — commonly 30, 45 or 60 days — so a market move cannot raise your rate before funding. Longer locks cost more. If rates fall after you lock, you are generally held to the locked rate unless the lender offers a float-down, and letting a lock expire can mean re-pricing at the current, possibly higher, rate.
Frequently asked
How long can I lock my mortgage rate?
Commonly 30, 45 or 60 days — long enough to close. Longer locks are available for a higher cost. If your lock expires before closing, the lender re-prices at the current rate, which could be higher.
What happens if rates drop after I lock?
You are generally held to the locked rate. Some lenders offer a one-time float-down that lets you take a lower rate if the market falls before closing, sometimes for a fee — ask about it before you lock.
Put it to use
Mortgage Calculator
Estimate your monthly principal-and-interest payment and see a full amortization schedule for any home loan.
APR Mortgage Calculator
Convert a rate plus points and fees into the true annual percentage rate (APR) of your mortgage.
Mortgage Points Calculator
Decide whether buying discount points to lower your rate pays off, and how long it takes.
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