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Has the interest rate been locked?
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Has the interest rate been locked? | Bankrate

Has the interest rate been locked?

A rate lock guarantees that the lender will offer you a specific combination of interest rate, points and lender credit for the mortgage. A lock lasts for a limited time, and then it expires.

The Loan Estimate tells you whether the rate has been locked, and for how long. This information is found near the top of Page 1:

  • If the "no" box is checked, then you have not locked an interest rate. In mortgage lingo, you are "floating" the rate. While you are floating, interest rates could move up or down, responding to market forces. These fluctuations could cause your potential mortgage rate and monthly payments to move up and down, too.
  • If the "yes" box is checked, then your interest rate is locked. The rate lock's expiration date will be printed here.

To understand more, read "Answers to 5 key mortgage rate-lock questions."

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Claes Bell

Mortgage rates in Los Angeles

See this week's average rates for the 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, 5/1 ARM and 30-year jumbo mortgage in Los Angeles.  ... Read more

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