What is a mortgage rate lock?

  • A rate lock on a mortgage gives you protection from financial market fluctuations that could affect your interest rate range.
  • You can choose to lock or not lock your interest rate range.  On the date and time you lock, that interest rate range remains available to you for a set period of time.
    • If there are no subsequent changes to your loan and your interest rate range is locked, the interest rate range on your application generally remains the same.
    • If there are changes to your loan, your final interest rate at closing may be different.