Quick Answer
Locking your rate protects you from market increases while your loan is processed, though it also means you generally won't benefit if rates drop after you lock. Ask your lender about the exact length of your lock and what happens if closing day gets pushed back.
- Typical window
- 30 to 60 days
- What it protects against
- Rate increases before closing
- Trade-off
- You usually won't get the benefit if rates fall after locking
- Extensions
- Often available for a fee if closing is delayed
When and Why to Lock Your Rate
Many buyers lock their rate once they're under contract and have a reliable closing timeline, since locking earlier protects against rate increases while your loan is in underwriting. Locking too early, before you have a firm contract, can mean paying extension fees if the purchase takes longer to close than expected.
Some lenders offer a float-down option, letting you capture a lower rate if the market improves after you lock, though this typically comes with its own cost.
What Happens If Your Closing Is Delayed
If your closing date moves past your lock expiration, most lenders will extend the lock for an additional fee, or in some cases re-lock at current market rates. This is one reason it's worth building in a reasonable buffer when your loan officer sets the original lock period.
Staying responsive to underwriting requests helps keep your transaction on schedule and reduces the chance you'll need a costly extension.
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Frequently Asked Questions — Rate lock
How long does a typical rate lock last?
Most locks run 30 to 60 days, though some lenders offer shorter or longer windows depending on the loan program.
What if rates drop after I lock?
In most cases you keep your locked rate even if the market improves, unless your lender offers a float-down option.
Does locking my rate cost money?
Many standard locks are included at no extra charge, but longer locks or extensions can carry a fee, so ask your lender directly.
What happens if my lock expires before closing?
Your lender will typically offer an extension for a fee, or you may need to re-lock at the current market rate.