A lock protects you if rates rise before closing, as long as you close within the lock period and your application doesn’t change. It also means you won’t automatically get a lower rate
How long does a rate lock last?
The CFPB says locks are typically available for 30, 45 or 60 days, and sometimes longer. Choose a period that covers the whole road to closing, including underwriting, the appraisal and the three business days you get to review your Closing Disclosure.
Lenders may charge more for a longer lock, as a fee or as a slightly higher rate or more discount points. Ask what each lock length would cost
When should you lock your rate?
Most lenders let you lock once you have a signed contract and a property address. Locking early protects you from a rise; waiting is a bet that rates will fall. Neither is a sure thing, and no one can reliably predict
Once you lock, the lender must send a revised Loan Estimate within three business days showing the locked rate, points and lender credits. Page 1 of the Loan Estimate says whether your rate is locked and when
Can a locked rate still change?
Yes, if your application changes. The CFPB lists examples: a different loan type or down payment, an appraisal that comes in different from expected, a change in your credit score, or income you can’t document. Any of these can change your rate or what the loan costs, lock
A lock also doesn’t cover delays. If closing slips past the expiration date, you may have to pay to extend the lock, which the CFPB warns can be expensive, or take whatever rate
What is a float-down?
Some lenders offer a float-down option that lets you take a lower rate if rates fall after you lock, usually for a fee and only if rates drop by a set amount. Terms vary widely. The CFPB suggests asking every lender: “If I lock my rate, and interest rates go
What a lock protects on a $360,000, 30-year loan
| Locked rate | 6.50% |
|---|---|
| Principal and interest at 6.50% | $2,275/month |
| If rates rise to 7.00% before closing | $2,395/month |
| Difference | $120/month, about $1,436 a year |
| Over the full 30 years | About $43,072 |
| Example extension fee at 0.125% of the loan | $450 |
Extension pricing varies by lender, so the 0.125% is only an illustration. Ask for your lender’s terms in writing
Common mistakes
- Choosing a lock period that ends before a
realistic closing date. - Changing your loan amount or down payment after locking and expecting
the same rate. - Assuming a lock means you’ll get a lower rate if
the market improves. - Comparing a locked quote from one lender with an unlocked
one from another.
Questions
Does it cost money to lock a rate?
It depends on the lender and the length of the lock. Some charge nothing extra for a standard period, while longer locks and extensions can cost a fee or a higher rate, so get the
What happens if my rate lock expires?
You can usually extend it for a fee or relock at the current market rate, which may be higher or lower. Ask about extension terms
Can you change lenders after locking?
Yes, a lock doesn’t require you to close with that lender. You’d start over with a new application and lock elsewhere, and you may lose fees
Sources
- CFPB: What’s a lock-in or a rate lock on a mortgage?
- CFPB: Why did I receive a revised Loan Estimate?
- 12 CFR 1026.19: Loan Estimate and Closing Disclosure timing
Written and checked by the Broker & Agent team on October 2, 2026. General information, not legal, tax or lending advice. Something out of date? Tell us.