When to Lock in a Mortgage Rate

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 · In this illustration, a mortgage borrower can request a 30-day lock and pay 0.09 discount points to the lender, or $90 per $100,000 borrowed. The same borrower could request a 60-day rate lock.

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A mortgage interest rate lock allows a homebuyer to secure from their lender a specific interest rate on their future mortgage for a predetermined amount of time. Locking in an interest rate means your rate won’t change between the day the lock takes effect and the closing on your mortgage, provided you get it done before the lock expires.

A mortgage rate lock is an agreement you strike with your mortgage lender (not your broker) that allows you to hold the current interest rate for a specified number of days. If you don’t lock, your mortgage rate could change by the time the loan paperwork is finished being processed.

If you lock-in a rate and mortgage costs suddenly fall you will lose the opportunity to finance at a lower cost. If you have a float-down agreement you have a one-time chance to capture a lower rate. The risk is that rates might keep falling. With a floating rate, the risk is that mortgage rates might rise prior to closing.

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When Should You Lock-In Mortgage Interest Rates? – Steps to Locking-In a Mortgage Interest Rate. A mortgage interest rate lock-in can prove to be very beneficial in case the interest rates increase while your loan is being processed, but it can also be a disadvantage to you if the rates decrease. No matter when you decide to lock-in the interest rate, you should always know how this is done.

A lock deposit requirement indicates that both the borrower and the lender intend to keep the agreement. A rate lock may be issued in conjunction with a loan estimate. A mortgage rate lock period could be an interval of 10, 30, 45, or 60 days. The longer the period is could mean a.

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A mortgage rate lock is an agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage over a specified time period at the prevailing market.

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In this illustration, a mortgage borrower can request a 30-day lock and pay 0.09 discount points to the lender, or $90 per $100,000 borrowed. The same borrower could request a 60-day rate lock.