Rate Lock Periods
Loan Process
Rate Lock Periods
A rate lock protects you from rising interest rates between your application and closing. Understanding how rate locks work can save you money.
What is a Rate Lock?
A rate lock is a commitment from your lender to hold a specific interest rate for a set period of time, typically 30–60 days. Once locked, your rate won't change even if market rates rise. If rates fall after you lock, you may be able to take advantage of a float-down option (if available).
Common Lock Periods
15-day lock: shortest, lowest cost, used when closing is imminent. 30-day lock: most common for standard purchases. 45-day lock: for more complex transactions or when closing may take longer. 60-day lock: for new construction or delayed closings. 90–180 day locks: available for new construction, typically at a higher cost.
When Should I Lock?
Lock your rate when you're comfortable with the current rate and have a signed purchase contract. Don't try to time the market — rates can move quickly and unpredictably. If you're within 30–45 days of closing, locking immediately is generally the safest strategy. We monitor the market daily and can advise on timing.
Float-Down Options
Some lenders offer a float-down option that allows you to take a lower rate if rates drop after you lock. This typically costs extra (either a fee or a slightly higher rate). It can be worth it in a volatile rate environment. Ask us about float-down availability when you're ready to lock.
Ready to Get Started?
Let our family help yours. Call us at 561-207-8082 or apply online today.