Mortgage Rate Lock 2026
How to lock your rate, how long to lock, what it costs, and the lock vs. float decision — fully explained.
Sarah Mitchell
NMLS #123456 · Senior Mortgage Advisor
12 years helping borrowers navigate rate locks, timing strategies, and lender negotiations. Former loan officer at Wells Fargo and Chase.
Quick Answer
A rate lock freezes your interest rate for a set period (30–90 days) while your loan processes. 30-day locks are usually free. Extended locks cost 0.125–0.50% of the loan amount. Lock as soon as you're under contract and confident in your lender. Don't float unless rates are clearly trending down and you have time to wait. → Compare lenders and lock your rate today.
How a Mortgage Rate Lock Works — Step by Step
Get pre-approved
Your lender quotes you a rate based on current market conditions. This is NOT a lock — it's just a quote. Start by getting pre-approved to know your real rate range.
Go under contract
Once your offer is accepted, you have a closing date. Now you can calculate how long your lock needs to be.
Choose your lock period
Select 30, 45, 60, or 90 days based on your expected closing date + a buffer. Longer = higher cost.
Lock in writing
Your lender sends a rate lock confirmation in writing. Keep this document — it's your guarantee.
Close before expiration
As long as you close within the lock period, your rate is guaranteed regardless of market movement.
If delayed: extend or re-lock
If closing is delayed, contact your lender immediately. Extension fees are cheaper than losing a good rate.
Rate Lock Periods: Cost & Best Use
| Lock Period | Typical Cost | Added to Rate | Best For |
|---|---|---|---|
| 30 days | Free (most lenders) | 0% | Standard purchase, refinance with clear timeline |
| 45 days | Free or +0.125% | 0–0.125% | Purchase with minor complexity, most refinances |
| 60 days | +0.125–0.25% | 0.125–0.25% | Complex purchases, short sales, some new construction |
| 90 days | +0.25–0.50% | 0.25–0.50% | New construction, complex transactions |
| 180 days | +0.50–1.00% | 0.50–1.00% | New construction with long build timeline |
Costs vary by lender. Some lenders offer free 45-day locks. Always compare lock terms alongside rates.
Lock vs. Float: How to Decide
🔒 Lock Now When:
- ✓Rates have risen 0.25%+ in the past 30 days
- ✓You're within 45 days of closing
- ✓Fed is signaling rate hikes or inflation is rising
- ✓You're at the top of your budget — can't afford higher payment
- ✓You found a rate you're happy with
- ✓You have a fixed closing date (purchase)
📈 Float (Wait) When:
- →Rates are clearly trending downward
- →You have 60+ days until closing
- →Economic data suggests rate cuts ahead
- →You have budget flexibility for a higher payment
- →You can get a float-down option for protection
- →Refinance (more flexible timeline than purchase)
Ready to lock? Compare rates from 10+ lenders in 3 minutes.
No SSN required · Soft credit pull · Free rate quotes
What Does a Rate Lock Extension Cost?
If your closing is delayed past your lock expiration, you'll need to pay an extension fee:
| Extension Period | Typical Fee | Cost on $300K Loan |
|---|---|---|
| 7 days | 0.0625% | $188 |
| 15 days | 0.125% | $375 |
| 30 days | 0.25% | $750 |
| 45 days | 0.375% | $1,125 |
Pro tip: If the delay is the lender's fault (slow underwriting, appraisal delays), push back — many lenders will cover the extension fee.
Lock Your Rate With a Top Lender Today
Compare rates from multiple lenders and lock the best one. Takes 3 minutes, no SSN required.
Frequently Asked Questions
What is a mortgage rate lock?
A mortgage rate lock is a lender's guarantee that your interest rate will not change between the time you lock and your closing date, as long as you close within the lock period. Rate locks protect you from rising rates during the loan process. Most locks are free for standard periods (30-45 days) and cost 0.125-0.5% of the loan amount for extended periods (60-90 days).
How long should I lock my mortgage rate?
Lock for as long as your closing timeline requires, plus a 7-10 day buffer. Purchase loans: lock 30-45 days (standard closing). New construction: lock 60-90 days or use a float-down lock. Refinances: lock 30-45 days. If your closing is at risk of delays (complex title, short sale, new construction), pay for the longer lock — it's cheaper than an extension fee or losing a low rate.
What happens if my rate lock expires before closing?
If your lock expires before closing, you have two options: (1) Pay an extension fee — typically 0.125-0.375% of the loan amount per 15-day extension, or roughly $375-$1,125 on a $300K loan. (2) Let the lock expire and re-lock at current market rates — which could be higher or lower. Most lenders offer a 5-7 day grace period. Always communicate with your lender early if you see a delay coming.
Should I lock my mortgage rate now or wait (float)?
Lock now if: rates have been rising, you're within 30-45 days of closing, or you can't afford a higher payment. Float (wait) if: rates are trending down, you have 60+ days until closing, and you can afford a potentially higher rate. The risk of floating is asymmetric — rates can rise faster than they fall. Most financial advisors recommend locking once you're under contract.
What is a float-down option on a mortgage rate lock?
A float-down option lets you lock your rate but still benefit if rates drop before closing. If rates fall by a set threshold (typically 0.25-0.50%), you can exercise the float-down to get the lower rate. Float-down options cost 0.125-0.5% of the loan amount upfront. They're most valuable in volatile rate environments or when you're locking for 60+ days.