What Is a Mortgage Rate Lock and Why Does It Matter

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What Is a Mortgage Rate Lock and Why Does It Matter

1. A Rate Lock Freezes Your Interest Rate

A mortgage rate lock is when your lender guarantees a specific interest rate for a set period, usually 30 to 60 days. This lock-in period protects you from market fluctuations while your loan is being processed. So even if rates jump tomorrow, you’re locked in at today’s lower rate.

2. It Shields You From Rising Rates

Let’s say your lender offers a 6.5% rate and you decide to lock it in. If rates go up to 7.1% next week, you’re still locked into the lower rate—which could save you thousands over the life of the loan. It’s especially smart in a rising-rate environment where every fraction of a percent matters.

3. Lock When You’re Confident and Ready to Move Forward

A rate lock isn’t forever—it expires after a set number of days. So you’ll want to lock your rate only when you’re confident your loan will close within that time frame. Talk to your lender about the best time to lock based on your contract timeline, and whether an extension is available just in case.

Want Help Timing Your Rate Lock Perfectly?

📘 Download our free “First-Time Buyer Game Plan” eBook — includes smart strategies for locking and saving
💬 Chat live now with a Stairway Mortgage pro to see if now’s the right time to lock your rate
📞 Schedule a call and we’ll walk you through your options based on current market trends

At Stairway Mortgage, we help first-time buyers lock in confidence—not just a rate.
Let’s protect your budget and get you moving forward with clarity.

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