Rate Lock Explained: When and How to Lock Your Mortgage Rate

A rate lock is a lender's guarantee to hold a specific interest rate for a set period — typically 30, 45, or 60 days — while your loan is being processed. If rates rise during that period, your locked rate is protected. If rates fall, you're stuck with the higher rate (unless you have a float-down option).

There's no perfect answer, but here are the key considerations:

• Lock early if: Rates are rising, you've found your home and are under contract, or you're risk-averse.
• Float if: Rates are trending down, you have time before closing, or you have a float-down option.

Most buyers lock at the time of loan application or shortly after going under contract. Turn Times offers lock periods from 15 to 90 days.