rate lock
Mortgage rate freeze
A rate lock is a lender's guarantee that a quoted interest rate will remain available for a specified period, protecting a borrower from market fluctuations during the loan process.
Mortgage rate locks typically last 30 to 60 days: We locked in 6.5% before rates jumped.
Also called a lock-in.
The verb form works similarly: Let's rate lock now while it's favorable.
- mortgageSecured home loan
- home loanDebt for property purchase
- interestAttention, stake, or fee
- fixedRestored or immovable
- guaranteeFormal promise of fulfillment
commitment · closing · lender · loan officer · percentage · APR · freeze · protection · deadline · expiration · float · market fluctuation · points · closing costs · homebuyer · real estate · escrow · refinance
rate lockfloating rate
Interest tied to index
variable rate · adjustable rate · adjustable-rate mortgage · ARM · floating
rate, lock, rates, rated, rating, ratings, rater, raters, locks