What Is A Rate Lock?
By Joshua Petrovic Published: 11/25/2008
With some lenders you can lock a rate up to 90 days. Generally speaking, if you choose to lock a rate for an extended period of time, the cost of the loan goes up. Furthermore, if rates improve during the processing of your loan, you will still get the rate you locked in at. Some mortgage lenders may require a home purchase contract before they will allow you to lock an interest rate.
For current mortgage rates visit www.bankrate.com