If you’ve been comparing mortgage rates, you’ve already encountered one reality about the process of buying a home or refinancing: What you see today might be gone tomorrow. While interest rates change all the time, a mortgage rate lock ensures the rate on your mortgage stays the same, from the initial quote to closing.
What is a mortgage rate lock?
A rate lock is a guarantee that a mortgage lender will honor a specific interest rate at a specific cost for a set period.
