 TITLE: When Should I Lock In My Mortgage Rate? CONTENT: What Does It Mean to Lock In a Mortgage Rate?\n---------------------------------------------\nMortgage interest rates are dynamic and fluctuate daily or even hourly based on market conditions. If you see a competitive mortgage rate when you start your mortgage application, it may no longer be there weeks or months later when you finally close.\nIf you don't want to miss out on the current low rate, your lender may allow you to lock in the rate, which insulates you from future rate changes. Locked rates are usually available for a window of 30, 45 or 60 days. During this time, your rate won't change unless something changes on your mortgage application, such as the amount you're borrowing, your credit score or the home's appraised value.\nThis process comes with potential pitfalls that are important to keep in mind, though. Some lenders charge fees to lock in a rate, and others charge fees to extend them if you don't close in time. Additionally, it's possible that rates will drop after you lock in yours, meaning you'll lose out on lower rates (or risk paying a fee to unlock and nab the lower rate). END