Original article updated 2026-07-30. Retained for reference. Confirm current requirements with an appropriate provider or administering agency.
Direct answer
A rate lock lasts for the period in your agreement. It generally protects the stated rate if you close on time and the relevant application details do not change. Ask about the expiration date, extension charges and what happens if your loan or financial information changes.
What a rate lock protects—and what it may not
A lock normally identifies the loan program, rate, points or credits, expiration date, and conditions. It does not guarantee final approval. Changes to the property value, loan amount, occupancy, credit, income, debt, or closing date may require repricing. Some lenders offer a float-down feature if market rates improve, but it may involve a fee or specific trigger.
Choose a lock period around the closing plan
Ask the lender when the file can realistically close, who pays for an extension, and what happens if the delay is outside your control. Compare the locked terms with mortgage rate considerations, understand APR versus interest rate, and use the mortgage payment calculator to measure the payment impact of different quotes.
Frequently asked questions
Can a lender change a locked mortgage rate?
A valid lock should protect the stated terms, but material application changes or an expired lock can lead to revised pricing. Read the written agreement.
What happens if the rate lock expires before closing?
The lender may offer an extension, relock at current pricing, or apply a worst-case policy. Costs and rules vary, so discuss delays early.
Primary sources for this update
These specific statements were checked on November 11, 2026. Requirements can change; verify the rules for your own loan.