Mortgage Rate Locks Explained

How locks work, when to use one, and what happens if the market moves after you lock.

The short answer

A rate lock holds your quoted rate for a set window — usually 30, 45 or 60 days — while your loan is processed. Longer locks cost slightly more in pricing. If your closing slips past the lock date you may need an extension, which carries a fee. Some programs offer a one-time float-down if rates drop meaningfully before closing.

Key things to know

  • Common lock periods: 15, 30, 45 and 60 days
  • Longer locks are priced slightly higher
  • Extensions typically cost a fraction of a point
  • Float-down options may be available on some programs
  • Locks are tied to your loan file, property and program

    • Read the full guide

    Mortgage Rate Locks Explained: When to Lock and What Happens If Rates Move

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