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If your lender is asking whether to lock your mortgage rate, first confirm whether your rate is already locked, when the lock expires, and what the lender’s written terms say about cost and delays. A lock can protect you from rate increases for a set period, but it is conditional: your loan generally must close before expiration, and changes to your application may affect the rate. There is no universally right lock term or fee; compare the lender’s actual terms with your expected closing timeline.
First, check whether your rate is already locked
Look at page one of your Loan Estimate. It indicates whether the interest rate is locked and, if so, for how long. The Loan Estimate does not include every detail about lock-period pricing or the cost of extending an expired lock, so ask your lender for those terms directly. See the CFPB’s explanation of mortgage rate locks.
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- If the rate is locked: note the expiration date and how much time remains before asking to change the arrangement.
- If it is not locked: ask what rate and points are being offered, which lock terms are available, what each costs, and what happens if closing is delayed.
A mortgage rate lock generally holds the offered rate between the offer and closing if you close within the specified time and your application has not changed in a way that affects the terms. An unlocked rate can change. A locked rate may also change if important application details change, such as the loan amount, credit score, income documentation, loan type, or down payment.
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Match the lock term to your closing timeline
Common lock periods vary by lender. The CFPB says locks are typically 30, 45, or 60 days, sometimes longer; its guidance was last reviewed May 2, 2023. Freddie Mac describes 30, 45, 60, or 90 days as common and says 30 or 45 days are most common, but its page does not establish a publication date. These are general ranges, not terms every lender must offer. Your lender determines what is available for your loan.
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Compare the proposed expiration date with your expected closing date, leaving room for plausible delays. A longer lock may cost more. If closing runs past the expiration, you may need an extension, which could carry a fee. The consumer guidance cited here does not establish a universal lock fee, extension price, or grace period, so get the lender’s specific terms in writing.
Compare your choices on the terms that matter
| Choice | What happens if rates rise? | What if rates fall? | What to confirm |
|---|---|---|---|
| Lock | The offered rate is generally held during the lock term if you meet its conditions. | You generally keep the locked rate unless the lender offers a float-down that applies to your loan. | Expiration date, price, extension terms, and circumstances that could change the rate. |
| Leave the rate floating | The rate can change before closing. | The rate can also change before closing; the lender must confirm how a new offer would be handled. | How and when the lender updates the offer, and when you can still lock. |
| Lock with a float-down, if offered | The lock may provide protection during its term, subject to its conditions. | A float-down may allow a lower rate if the lender’s requirements are met. | Whether it is available, qualifying rate movement and timing, any fee, and how to exercise it. |
A float-down is not available from every lender, and its rules are lender-specific. Freddie Mac discusses the possibility of a float-down and longer-lock costs in its rate lock-in guidance. Do not assume a lower market rate will automatically change a locked rate.
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Ask the lender these questions before deciding
- “What does it mean if I lock my rate today?”
- “What rate lock time frame does this Loan Estimate provide?”
- “Is a shorter or longer rate lock available, and at what cost?”
- “What if my closing is delayed and the rate lock expires?”
- “If I lock my rate, are there any conditions under which my rate could still change?”
- “If I lock my rate, and interest rates go down, what happens?”
If the lender offers a float-down, also ask what rate movement and timing qualify, whether there is a fee, and how to request it. Ask for the answers in writing so you can compare them with your Loan Estimate and lock confirmation.
Keep your application details stable and documented
Changes to key assumptions can affect the rate or loan terms, even after locking. Before making a significant change, ask the lender whether it will affect the rate or eligibility. Relevant details can include the loan amount, credit, income documentation, loan type, and down payment. The CFPB explains that application changes or a rate-lock expiration can affect final mortgage costs; this guidance was last reviewed September 11, 2024.
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This is general information for US homebuyers and refinance borrowers, not a prediction of future rates or an individualized recommendation. Your lender must confirm the terms that apply to your loan.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
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