What is Rate Lock? Mortgage rates can change daily, even hourly. When a mortgage rate is locked, it protects the borrower from interest rates rising between the time that the rate is locked and closing. However, because of changing rates and closing timelines, timing is everything when it comes to locking in a rate for a home mortgage. A rate lock guarantees a borrower that they will receive a specific interest rate, at a specific price during a specific time for a home mortgage loan. This protects them from rising interest rates. Which Factors Impact Mortgage Interest Rates? What causes interest rates to go up or down? There are multiple factors that can cause it to shift. Read about them here. When Should I Lock my Rate? Most rate locks will expire after 30, 45, or 60 days unless otherwise noted by… Read More
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