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What does it mean to lock the interest rate?

Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.

Today's Low Rates

PROGRAM RATE APR
30 Year Fixed 5.25% 5.31%
20 Year Fixed 5% 5.06%
15 Year Fixed 4.5% 4.56%
All rates shown with 0 points
Assumptions