A rate lock means your mortgage interest rate will not change between your offer and closing, as long as you close within the lock period and nothing changes in your application. The CFPB says rate locks are typically available for 30, 45, or 60 days, and sometimes longer. A locked rate can still change if your loan amount, credit score, income, loan type, down payment, or appraisal changes. If closing is delayed past the lock date, extending the lock can cost money.
Mortgage rates can change every day, and sometimes several times a day. A rate lock protects you from that while you finish buying your home in Nashville, Franklin, or Brentwood.
| Question | Answer |
|---|---|
| What does it do? | Keeps your rate the same until closing, if you close on time and your application does not change |
| How long does it last? | Typically 30, 45, or 60 days, and sometimes longer |
| Where can I see it? | The top of page 1 of your Loan Estimate shows if your rate is locked and until when |
| Downside | It can cost money to extend, and you may miss a lower rate if rates fall |
| What changed | Example |
|---|---|
| Loan type or down payment | You switch from FHA to conventional, or put down less |
| Appraisal | The home appraises higher or lower than expected |
| Credit score | You open a new loan or miss a payment before closing |
| Income | The lender cannot document your overtime or bonus income |
Your Loan Estimate shows whether your rate is locked. It does not show what an extension costs, so ask.
Thinking about paying to lower your rate? See are mortgage points worth it? and how 2-1 buydowns work.
The CFPB says rate locks are typically available for 30, 45, or 60 days, and sometimes longer. Pick a lock that covers your whole time until closing.
Yes, if something in your application changes. Examples are your loan amount, loan type, down payment, credit score, verified income, or the appraisal.
You may have to pay to extend it, or your rate could change. Ask your lender up front what happens if closing is delayed.
A lock can keep you from getting a lower rate. Ask your lender what their policy is if rates fall.
Look at the top of page 1 of your Loan Estimate. It says whether your rate is locked and for how long.
It can. Lock costs vary by lender, and the Loan Estimate does not show them. Ask what a shorter or longer lock would cost.
Under contract in Middle Tennessee and wondering when to lock? Call me at (615) 495-6594, email travis@heathrowmtg.com, or start an application.
Checked October 11, 2026. Rate lock policies and costs vary by lender. This page is general information, not a loan offer.
