Real Estate Terms Glossary
What is a Rate Lock?
We can define a rate lock as a freeze of the interest rate on your mortgage loan for a specific period of time. The rate lock period typically extends from initial mortgage loan approval, through loan processing and underwriting, to mortgage closing. However, for construction loans, it may be an extended period.
Note that the rate of interest will stay consistent, regardless of the market changes, provided there aren’t any changes to the application for the mortgage loan during the closing period.
Examples of Rate Lock
- Example 1: Rate lock for 30 days
- Example 2: Rate lock for 45 days
Here’s Investopedia’s definition of a Rate Lock .
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