Lock a Rate

What Does It Mean to "Lock" Your Interest Rate?

When you're buying a home or refinancing, mortgage rates can fluctuate daily based on market conditions. To protect yourself from potential increases, lenders offer the option to “lock” your interest rate.

A rate lock means your lender guarantees a specific interest rate for a set period of time—typically 30 days—while your loan is being processed and finalized. This ensures that even if rates rise during that window, your rate (and your expected monthly payment) won’t change. It provides financial certainty during a process that can otherwise feel unpredictable.

When To Lock

Homebuyers typically lock their rate once their offer is accepted on a home.Standard escrow periods are 30 days, so once your offer is accepted, you can lock your rate and have the security of knowing it won’t change during the buying process. If rates are trending lower a buyer could chose to “float” their rate until later in the escrow period. However, doing so risks rates rising and their rate and payments increasing. Your lender may advise you,