The loan process
Rate lock
In short
A rate lock holds a quoted interest rate for a set period while your loan closes, protecting you from rate moves. Locks expire and their terms vary by lender.
A rate lock is a lender's commitment to hold a specific interest rate (and points) for a defined number of days while your loan is processed, shielding you from market moves during that window.
Locks expire. If closing slips past the lock's end date, extending it can carry a cost, so the lock period is usually set to match a realistic closing timeline. Some locks offer a one-time float-down if rates fall, depending on the lender.
A quoted rate before you lock is just that — a quote, subject to change until it's locked and until the loan closes on the terms underwriting confirms.
Related
Current as of August 2026.