What Is a Mortgage Rate Lock and Why Does It Matter?
- By Jim Blackburn
- on
- 100 first time home buyer FAQs
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.
Want to see what today’s rates look like before you lock? Check Current Rates to understand current market conditions and determine if now is the right time to lock in your 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.
See exactly how much rate differences impact your payment. Calculate your Compare 2 Rates (Interest Costs) now to compare 6.5% versus 7.1% and understand the thousands in savings a rate lock can protect.
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.
Before locking your rate, make sure you understand your complete loan scenario. Calculate your Conventional Purchase Loan Payment now to see how your locked rate translates to monthly payments and total loan costs.
Want Help Timing Your Rate Lock Perfectly?
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.
📘 Download our homebuyer guides about rate locks.
📊 Check Current Rates before you lock.
🧮 Compare scenarios with our Compare 2 Rates Calculator.
🏠 Learn more on our Buy a House page.
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