Mortgage rate lock what is it?

A rate lock is the lender’s agreement to hold a specific interest rate (and sometimes discount points) for a set period, often 30–60 days. Once you lock, that rate is typically protected if market rates rise before closing.

Lock terms vary by lender. Some charge a lock fee; some offer float-down options if rates fall. If your closing is delayed, you may need to extend the lock, which can involve a fee.

Before you lock, compare that lender’s quote to others. Make sure you’ve seen rate, APR, closing costs, and cash to close for the same scenario from multiple lenders so you’re locking a competitive offer.

A comparison tool lets you enter and view all your quotes in one place. That way you can lock with confidence that you’ve evaluated your options.