What is Rate Lock?
A rate lock is a feature that holds your chosen fixed rate in place between loan approval and settlement — usually for a fee of $300–$750 or a slightly higher rate. Protects against rate increases during the approval-to-settlement window (often 30–90 days).
Why it matters for you
Rate lock matters most when rates are rising and your settlement is 60+ days away. On a $750K loan, a 0.10% rate rise over the lock period would cost $750 per year — so a $750 one-off lock fee pays back in year one. When rates are steady or falling, skip it.
Last updated: April 2026