Is It Possible to Lock In a Mortgage Rate?

After multiple years of stable mortgage interest rates, 2022 has ushered in a much more unstable rate situation. It has not been uncommon for the interest rate at the start of the loan process to be different from the interest rate at the loan closing, in many cases increasing.

To contest this uncertainty, locking your interest rate is a valuable tool for the home buyer. Once the loan is approved, an interest rate can be locked in for up to 45 days – in some cases longer. Locking the rate protects the buyer in a rising rate environment, however, in a falling rate environment locking your rate may be a disadvantage.

To determine what is best for your situation, discuss it with your loan officer.