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Should I “Lock” My Interest Rate?

01-18-2022About MortgagesEddie Knoell

In this post we explore the pros and cons of locking in an interest rate on your mortgage. Generally speaking, mortgage interest rates are dynamic and unpredictable. They can fluctuate many times between when you file a loan application and when your loan closes. If you want to avoid uncertainty and preserve the rate in your mortgage loan offer, you can get a mortgage interest rate lock. Interest rate locks can offer peace of mind to borrowers, but it’s important to know that there can be consequences and that interest rate locks are not foolproof. In fact, you could miss out on a lower interest rate after you lock and your loan might not close before the lock expires.