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:

Loan Estimate form, page 1

Page 1 of Loan Estimate form

  • 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 upward or downward, 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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Loan Estimate Guide