Mortgage Rate Lock Guide for Interest Rate Protection (2026)
Understand mortgage rate lock: lock timing, lock period, float-down option, and interest rate protection.
Summary
Rate lock protects mortgage interest rate. This guide explains timing, lock periods, and float-down options.
Key Steps
- 1Understand rate lock: lender guarantees specific interest rate for period.
- 2Lock timing: typically after loan approval, before closing.
- 3Lock period: 30, 45, 60 days common, longer locks cost more.
- 4Float-down option: some allow rate reduction if rates fall after lock.
- 5Lock expiration: must close before lock expires or risk higher rate.