Rate Locks Protect Home-Loan Budgets

A mortgage rate is not guaranteed until it is locked, so a rate lock can protect buyers from payment changes before closing.
A rate lock is an agreement with a lender that holds your offered rate for a set time, helping you plan a monthly budget.
If current rates feel favorable and your loan type and payment fit your goals, ask your lender whether locking now matches your risk comfort.
Most rate locks last 30, 45, 60, or 90 days, and longer terms may cost more, so confirm fees and expiration details.
If rates fall after locking, some lenders offer float-down options; whichever path you choose, get the agreement in writing with rate, term, loan type, fees.