Mortgage Basics

What Is a Rate Lock?

How locks protect you from rate movement during processing.

3 min readUpdated 2026Mortgage Basics

What locking does

A lock guarantees your rate for a set period (commonly 30/45/60 days) while your loan is processed.

Extensions and float-downs

Locks can usually be extended for a fee. Some lenders offer float-down options if rates drop meaningfully after locking.

Key takeaways

  • Locks are a hedge, not a bet.

Frequently asked questions

Related articles

Get Started

Ready to make your move?

Get pre-approved in minutes or ask our AI mortgage assistant anything — no pressure, no obligation.