A rate lock freezes your mortgage interest rate for 30-60 days while your loan is processed. Even if market rates go up during that time, you keep the locked rate.
When to lock: Once you have a signed purchase agreement and are happy with the current rate.
How long: 30 days is standard (free). 45-60 days may cost a small fee.
Can it go lower? Some lenders offer "float down" options — if rates drop significantly after locking, you can get the lower rate.
Always lock your rate once you are under contract. Rate changes of even 0.25% cost thousands over 30 years.
More: Mortgage Rates Explained
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