Rate Lock
A rate lock is an agreement between the borrower and lender that guarantees a specific interest rate for a set period of time while the loan is being processed.
Rate locks typically last 15 to 60 days, depending on the expected timeline to closing. If rates rise during that period, your locked rate is protected. If rates fall, you are generally locked in at the higher rate unless your lender offers a float-down option.
A rate lock is not the same as a loan approval. It secures pricing but does not guarantee that the loan will close. If the lock expires before closing, the rate may need to be renegotiated or extended — sometimes at additional cost. Read our guide on what a rate lock is and how it works.
Why This Matters: Locking your rate at the right time can save you thousands. Understanding how locks work, how long they last, and what happens if they expire gives you confidence during one of the most time-sensitive decisions in the mortgage process.
Common question
What is a rate lock?
An agreement that guarantees your interest rate for a set period (e.g., 15–60 days) while your loan is processed. If rates rise, you are protected; if they fall, you are typically locked at the higher rate unless you have a float-down option.
What happens if my rate lock expires before closing?
You may need to re-lock at the current rate or pay to extend the lock. Delays in processing or documentation can cause this — staying on top of conditions helps avoid it.
Related Topics
Related Mortgage Terms
Want to lock in your rate before it changes? We will explain how rate locks work and when to pull the trigger.
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