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When should I lock my mortgage rate?

A rate lock is an agreement about pricing for a defined period and set of conditions. Ask what it covers, when it expires and what can change the terms. Choose a lock that fits a realistic closing plan rather than assuming anyone can reliably predict the next rate move.

By Eric Hamilton · Published September 17, 2026

Get the terms in writing

Confirm the interest rate, points or credits, loan type, lock duration and expiration. A verbal discussion or online illustration is not necessarily a completed lock. Keep the confirmation with your loan records.

Match the closing timeline

A shorter lock may not fit a transaction with unresolved timing. Ask what an extension would cost, who pays and what happens if the delay comes from different causes. Do not assume extensions are free.

Ask about changed facts

A different loan amount, property, credit profile or program can affect pricing even during a lock. Tell the lender about changes and request an explanation of any updated terms.

Know the downside of waiting

Floating may benefit you if pricing improves, but it can also make the loan more expensive. Ask how a worse rate would affect payment and qualification. Choose the risk you can handle rather than a promised forecast.

Sources and scope

General U.S. education. Program, investor, company, servicer and state requirements vary. Agency references describe their own scope, not universal eligibility. Illustrations are hypothetical, not quotes or approvals.

  1. CFPB: Mortgage rate locks Accessed September 17, 2026
  2. CFPB: Choosing a loan offer Accessed September 17, 2026

Approved for publication by Eric Hamilton on September 17, 2026.

General education, not a loan quote, approval or an individual recommendation. Ask the appropriate professional about your situation.

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