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A rate lock freezes the loan’s interest rate until the closing as long as there are no changes to the application and the loan closes within the specified time frame. Rate locks are usually offered on a loan for 30, 45, or 60 days. Many borrowers like rate locks because mortgage interest rates can change frequently, and a lock creates certainty. If your rate is not locked, the interest rate and your loan payment can change at any time while the loan is in process. There can be some cons to a rate lock. It may be expensive to extend your rate lock if your transaction needs more time. And, a rate lock may keep you out of lower loan payments if rates fall during processing. Unsure what to do? Contact us to review the pros and cons of rate locks to determine which direction is best for you.