What to Know About Locking in Your Mortgage Interest Rate

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What Is a Rate Lock?

A rate lock is an agreement between you and your lender that secures the interest rate for your mortgage loan. This agreement is established for a specific period of time, typically 30, 45, or 60 days. During this time, even if market interest rates rise, your rate remains the same.  

When Should You Lock in Your Rate?

  1. When You’ve Found the Right Home Once you’ve chosen a property and are confident in your decision, it’s a good time to lock in your rate to protect yourself from market volatility.

  2. After Understanding Market Trends Work with your mortgage professional to evaluate whether rates are expected to rise. While it’s impossible to predict the market perfectly, informed guidance can help you make a smart decision.

  3. Based on Your Closing Timeline Your rate lock period should align with your closing date. Be sure to discuss timing with those involved in the process to avoid the need for any extension.


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