You can typically lock in a mortgage rate for 30 to 60 days, with 15-day locks available when a loan is close to funding and extended locks of 90, 120, 180, or even 360 days available for longer closings or new construction. How long you can lock in a mortgage rate depends on your lender’s menu, your closing timeline, and how much you are willing to pay, because longer locks generally cost more.
Standard Lock Periods
The most common rate lock windows are 30, 45, and 60 days. These line up with the typical timeline for completing an appraisal, title search, and underwriting on a residential mortgage.1Consumer Financial Protection Bureau. What’s a Lock-In or a Rate Lock on a Mortgage? A 45-day lock is a popular middle ground that builds in a small cushion for routine delays. If your loan has already cleared the major underwriting steps and is close to funding, some lenders offer a shorter 15-day lock.
Locks of 90 or 120 days are available when closing will take longer than usual, such as with complex title work or when coordinating multiple parties. For new construction, where a home may not be ready for months, some lenders offer extended locks of 180 to 360 days. A handful of lenders also run “lock and shop” programs that let you secure a rate for around 90 days while you search for a property, with optional extensions if you need more time.
How Lock Length Affects Your Cost
Rate locks are not free. The longer you lock, the more it typically costs. A 30-day lock usually carries the lowest rate or fewest upfront points, while a 60-day or 90-day lock on the same loan may come with a slightly higher interest rate or additional points. The lender takes on more risk when committing to hold a rate for a longer window, and that risk gets passed to you.
For extended locks of 120 days or longer, some lenders charge an upfront fee, often around 1 point (1 percent of the loan amount), that may be refundable at closing. A borrower locking a $350,000 loan for 360 days during new construction might pay $3,500 upfront to secure the rate. When comparing lenders, ask specifically how much each lock period costs so you can weigh the premium against the protection. Your Loan Estimate will not tell you how much the lock itself costs, what it would cost to extend it, or whether a different lock period would change your pricing.1Consumer Financial Protection Bureau. What’s a Lock-In or a Rate Lock on a Mortgage?
Extended Locks for New Construction
New construction timelines often stretch well beyond the standard 30-to-60-day window. Extended construction locks let you secure a rate when you sign the construction contract rather than waiting until the home is complete, protecting you from rate increases during months of building. These programs typically require an upfront fee, often around 1 percent of the loan amount, collected at the time of the lock. Some lenders make this fee refundable at closing. Others build the cost into a slightly higher rate. Because new construction carries more uncertainty from permits, weather, and material delays, extensions on these locks tend to be available in larger increments of 30 to 90 days. Compare extended-lock programs from multiple lenders before committing, since both the fee structures and the refund policies vary.
What Can Still Change Your Locked Rate
A rate lock does not guarantee your rate under every circumstance. Even with a lock in place, your rate can change if key details of your application shift before closing. According to the CFPB, common reasons a locked rate may be adjusted include:
- Loan changes you initiate, such as switching loan programs or changing the size of your down payment, which can move your loan into a different pricing tier.
- An appraisal that comes in higher or lower than expected, changing the loan-to-value ratio.
- Credit score shifts from new debt, new credit applications, or missed payments during the lock period.
- Income your lender cannot verify, such as overtime or bonuses you originally reported.
Each of these changes the risk profile of your loan, and the lender is permitted to re-price accordingly.1Consumer Financial Protection Bureau. What’s a Lock-In or a Rate Lock on a Mortgage? The safest approach during the lock period is to avoid opening new accounts, making large purchases on credit, or changing jobs.
Extending a Lock or Letting It Expire
If your closing date slips past the end of your lock period, most lenders allow you to extend the lock in increments, commonly 7 or 15 days at a time. Fees generally range from 0.125 percent to 0.25 percent or more of your loan amount per extension, depending on the lender and the length of the add-on. On a $300,000 loan, a 15-day extension at 0.125 percent would cost $375. Some lenders charge a flat fee instead.
You must request the extension before the original lock expires. If you miss that deadline, the lock lapses and you lose the locked rate. If the lender caused the delay rather than you, many lenders will waive the extension fee or cover it themselves. If a third party such as the appraiser or title company is responsible, the lender may split the cost with you. Ask about this policy before you lock.
When a lock does expire without an extension, you generally have three options: pay for an extension to preserve the original rate, accept whatever rate the lender offers based on current market conditions, or let the rate float and lock again closer to closing. An expired lock does not mean you lose the loan, just the rate. If market rates have risen, you will face a higher rate unless you pay to extend. If rates have fallen, relocking at the current market rate could save you money. Compare the extension fee against the monthly payment difference under the new rate over the life of the loan before deciding.
Float-Down Options When Rates Drop
A rate lock protects you if rates rise, but it also means you are stuck at the locked rate if the market drops. A float-down option lets you take advantage of lower rates during your lock period. It typically comes with a fee, and lenders may require rates to fall by a certain amount before the float-down kicks in, so you usually cannot capture every small decrease.
Not every lender offers a float-down, and the terms vary widely. Ask about this option before you lock, because adding it afterward may not be possible. If you are locking for a longer period where rate movement is more likely, a float-down can be worth the extra cost.
Rate Locks Are Not Portable
A rate lock is an agreement between you and one specific lender. You cannot transfer it to a different lender. If you decide to switch lenders after locking, you forfeit that rate and start the application process over. The new lender will offer its own rate based on current market conditions, and you will need to provide all documentation again. Appraisals generally do not transfer between lenders either, meaning you may need to pay for a second appraisal.