Mortgage Rate-Lock Guide

Long enough to cover your expected close plus a buffer for inspection, appraisal, and underwriting — on a 30–45 day escrow that often means a 45–60 day lock. Older-home diligence argues for the longer end.

You pay to extend, or you re-lock at current market, potentially worse. Extension fees are real money, which is why buying a slightly longer lock up front is usually cheaper than gambling on the timeline.

Locking removes risk for a deadline-driven purchase; floating is a bet on rates falling before close. With a real contract and close date in hand, most buyers lock and, if available, pay for a float-down to capture a drop.

It lets you take a lower rate once if the market improves during your lock, for a fee. On a large jumbo balance the fee can pay off because each eighth of a point is meaningful — compare the cost to the potential monthly savings.

Because inspection back-and-forth and appraisal surprises on older stock can push the timeline, and a too-short lock then expires at the worst moment. Match the lock to deal risk, not just the calendar.

Not always. Check whether your lock includes a float-down, and weigh a re-lock or a later refinance. On a big balance, run the break-even before paying to change anything.