Rate locks explained: length, extensions and the fine print
Your rate lock, start to finish
Lock note
A rate lock is a lender's promise to hold a specific interest rate and set of points for a set number of days, as long as your loan and application stay the same. The lock protects you if market rates rise before closing. Its value depends on three things: whether the lock period outlasts your closing, what an extension costs, and which changes to your file the lender says can reprice it.
Last reviewed against the primary sources listed below.
ToolLock window plannerDoes your lock outlast your closing?BasicsWhat a lock coversRate, points and the conditions.TimingChoosing a lock lengthMatching days to your timeline.If it runs outExtensions and relocksWho pays when closing slips.OptionFloat-downsIf rates fall after you lock.Watch forWhat can break a lockChanges that reprice a loan.ProofGet it in writingWhere the lock shows on paper.
Why locks matter
Prices on mortgages change daily and sometimes during the day. Until you lock, the rate on your Loan Estimate can change. The CFPB's rate lock explainer covers the basics.