What Is a Mortgage Rate Lock and How Long Does It Last?

What is a mortgage rate lock, and how long does it last?
A rate lock keeps your interest rate from changing between your loan offer and closing, as long as you close within the set time and your application does not change. The CFPB says locks are typically available for 30, 45 or 60 days, and sometimes longer.

The Mike Webb Team (Mike and Claudia Webb, RE/MAX Allegiance) helps homeowners in Arlington, Northern Virginia, Maryland, and Washington, DC get their homes ready to sell and sold.

Mortgage rates change often. Freddie Mac's survey showed the 30-year fixed rate averaging 7.18% for the week of November 5, 2026, down from 7.24% a week earlier and 7.40% on October 15. Source: Freddie Mac Primary Mortgage Market Survey. Rates have eased for three weeks in a row, but nobody can say what comes next. If your rate is not locked, your quoted rate is only an estimate and can change at any time. A lock gives you one number to plan around.

To see what that number can mean, take a $600,000 loan on a 30-year fixed mortgage. At 7.18%, principal and interest come to about $4,064.61 a month. At 7.40%, the same loan costs about $4,154.28, or $89.67 more every month. A lock is how you keep the rate you were quoted while the sale moves toward closing.

Most lenders offer 30, 45 or 60 days, and sometimes longer. Lock policies differ from lender to lender, so compare the lock length with the closing date in your contract and ask your lender whether the two line up. For example, if your contract closes 31 days after you sign it, a 30-day lock would run out one day early. Ask for a lock that covers the whole time until you close. Source: CFPB, What's a lock-in or a rate lock on a mortgage?.

Not always right away. The CFPB says some lenders may lock your rate as part of issuing the Loan Estimate, but some may not. Check the first page of your Loan Estimate to see whether your rate is locked and for how long. See the CFPB Loan Estimate explainer.

Yes, if your application changes. The CFPB lists common reasons a locked rate might still move:

• You change the kind of loan you want, or the amount of your down payment.
• The appraisal on the home comes in higher or lower than expected.
• Your credit score changes, for example because you applied for or took out a new loan, or missed a payment on an existing loan or credit card.
• Your lender cannot document your overtime, bonus or other income.

In plain words, a lock protects you from the market. It does not protect you from changes to your own file. Until closing, avoid new credit and keep your paperwork in order.

The CFPB warns that a lock may be expensive to extend if your transaction needs more time. The Loan Estimate will state whether your rate is locked, but it will not tell you what an extension would cost, how much you are paying for the lock period you chose, or whether a different period would cost more or less. Ask about those details before you need them, and ask what happens if the lock expires before your closing date.

The CFPB notes that a lock may lock you out of a lower rate if rates fall after you get your loan offer. Some lenders may have an option for that, and some may not. Ask your lender before you lock, not after.

The CFPB suggests asking these questions:

• What does it mean if I lock my rate today?
• What rate lock time frame does this Loan Estimate provide?
• Is a shorter or longer rate lock available, and at what cost?
• What if my closing is delayed and the rate lock expires?
• If I lock my rate, are there any conditions under which my rate could still change?
• If I lock my rate and interest rates go down, what happens?

Write the answers down and keep them with your contract. To plan the steps, read From Accepted Offer to Closing in Virginia and How to Get Pre-Approved to Buy in Arlington VA.

Is a rate lock the same as pre-approval?
No. Pre-approval is your lender's review of your finances. A rate lock holds a rate for a set time.

Does a rate lock cost money?
The CFPB page does not list lock fees, and the Loan Estimate does not show them. Ask your lender if there is a fee for the lock and what an extension costs.

Who should I talk to about locking?
Your lender, because lock rules differ. We can help you match the lock to your contract dates. Also see Mortgage Points and Rate Buydowns Explained.

Call or text Claudia at 703-350-3884 or visit claudiawebb.com.

The Mike Webb Team, RE/MAX Allegiance. Arlington, Virginia. Equal Housing Opportunity.