5-Point-5

5 Must-Know Facts About Interest Rate Locks

Mortgage rates can change while your loan is being processed.

Posted 7/27/26  |  1:35

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Mortgage rates can change while your loan is being processed. Here are 5 things every homebuyer should know about interest rate locks.

1. They Protect Your Rate

A rate lock secures your agreed-upon interest rate for a specific period while your loan moves toward closing.

2. Timing Matters

Choosing when to lock your rate is an important decision. Your lender or mortgage broker can help you determine the timing that best fits your situation.

3. Locks Expire

Rate locks don't last forever. Most locks are issued for a specific number of days, so it's important to stay on schedule.

4. Extensions May Cost Money

If closing is delayed beyond your lock period, extending the lock may involve an additional cost depending on the lender and market conditions.

5. They Protect Your Budget

One of the biggest benefits of a rate lock is knowing your interest rate won't increase during the lock period, helping you plan with confidence.

A rate lock can provide valuable peace of mind, but understanding how it works helps you get the most benefit from it.

Helpful next steps

  • Explore: First-time homebuyer Programs and situations that may help new buyers understand their options and take the next step.
  • Explore: Buy a home Loan options and special situations for people preparing to buy a home.
  • Use: Affordability Calculator Estimate a possible home price based on your down payment, loan assumptions, and either your income or your desired monthly payment.
  • Use: Rent vs. Buy Calculator Compare the long-term cost of buying a home with the cost of continuing to rent, using your rent, home price, loan assumptions, and expected time in the home.
  • Use: Payment Calculator Estimate a monthly mortgage payment based on purchase price, down payment, loan term, occupancy, and interest rate.

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