Rate Lock
A lender's guarantee to hold your interest rate steady for a set period while your loan closes.
In plain English
A rate lock freezes your interest rate for a specified window (commonly 30–60 days) so it doesn't change even if market rates move before your closing date. Locks can sometimes be extended for a fee if closing is delayed.
Locking your rate protects you from rate increases while you finish the closing process, but also means you won't automatically benefit if rates drop — ask your lender about float-down options.
Where you'll run into it
Guides and tools on TheBuyingPath that cover rate lock in context.
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