By OfferPrep Editorial · Last reviewed October 24, 2026 · 2 min read
The How Lending Works series
What a lock is
A rate lock is the lender's commitment to hold a specific interest rate and pricing (points or credits) for a set period while your loan is processed. Without a lock, you're floating: your rate can move up or down with the market until you lock.
What a lock doesn't freeze
A lock holds pricing for your loan as described. If something about the loan changes, such as the loan amount, credit score, property value, or loan type, the pricing can change too.
How long locks last
Lock periods vary by lender, commonly ranging from about 30 to 60 days or more. Longer locks may cost more. Match the lock to your contract's closing date plus a cushion.
Questions to ask before you lock
- How long is the lock, and is there a cost for this length?
- What does an extension cost if closing is delayed, and who pays if the delay is the lender's?
- Is there a float-down option if rates drop after I lock? What does it cost?
- Will you confirm the lock in writing? (Your Loan Estimate also shows whether the rate is locked and until when.)
Lock or float?
Nobody can reliably predict rates, and OfferPrep doesn't try. A lock trades possible upside for certainty. Many buyers lock once they have an accepted contract and know the closing date. Decide based on your budget and how much uncertainty you can live with.
Next: From offer to keys
The week-by-week view of underwriting, appraisal, and closing, and the mistakes that delay it.
Every free guide comes with OfferPrep's monthly educational newsletter: one plain-English lesson at a time. Browse all free guides.
Sources
Figures on this page were checked against the official sources below on October 24, 2026. Programs and limits change; confirm current figures with the source or a licensed lender before you rely on them.