What is a lock?
The Bankrate.com financial term of the day is: "Lock"
The mortgage process can take weeks, and when you've found a great rate, you don't want it to slip away while you wait for your loan to be approved. This is where a lock can help. A lock is a lender's guarantee that the rate will not change for a specified period. You want a lock long enough to keep your rate in place until you can close on the loan.
Mortgage rates can move around. A lock lets you grab and hold a rate while your mortgage goes through the system.
To shop for the perfect home loan, visit the Mortgages section at Bankrate.com.
Mortgage rates jumped this week.
The benchmark 30-year fixed mortgage rate held at 3.8 percent.
Mortgage rates remained in a holding pattern this week.
Mortgage rates edged up this week.
How did consumers respond when asked about job security, savings, net worth, and debt?
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New car loan rates fell 1 basis point each.
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More consumers are purchasing new and used cars with auto loans, and those loans are for higher amounts and longer terms.
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