When to lock a mortgage rate

A rate lock is a lender’s commitment to honor a specific interest rate (and sometimes points) for a set period, often 30–60 days. Once you lock, you’re typically protected if rates rise before closing; if rates fall, you may need to see if the lender offers a float-down or similar option.

When to lock depends on your timeline, how satisfied you are with the offer, and your view on rate movement. Many borrowers lock after they’ve compared quotes and chosen a lender, and when their closing date is within the lock period.

Before you lock, make sure you’ve compared that lender’s quote to others. Track your quotes in one place so you can see how the locked offer compares in rate, APR, and closing costs.

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