A rate lock holds a quoted rate and points for a stated number of days. Floating means you have not locked — the quote can move. If the lock expires before funding, an extension is usually a cost or a relock, not a free extra week. This page does not publish current rates. Snapshot as of 2026-08.
This site does not publish current rates, lock fees, or extension costs. Compare lock period, points, and credits on Loan Estimates. APR vs note rate is a different question from whether to lock.
Lock, float, extend
| Question | Lock | Float | Extend |
|---|---|---|---|
| What it is | A lock holds a quoted rate and points for a stated window (often 30–60 days) for a specific loan amount, occupancy, and product. It is not a commitment to lend, and it is not a promise that the market will not move. | Floating means the rate is not held. The quote can improve or worsen until you lock. There is no published “float until closing and you will win” benefit. | If the lock expires before funding, the lender may offer an extension for a fee, worse pricing, or a relock at then-current market. Extension cost is file- and investor-specific. This page does not quote a fee or a current rate. |
| What can still move | File changes (score, LTV, occupancy, lock period) can still reprice. A lock is not CTC. | The quoted rate can rise or fall until you lock. There is no published win for waiting. | Fee, worse pricing, or a relock at then-current market. This page does not quote a fee. |
Educational snapshot. Not a lock, not a quote, and not advice to float.
How this sits next to APR
Lock period is one of the things you have to hold constant when you compare lenders. Compare Loan Estimates with the same loan amount, occupancy, property type, and lock period. Read note rate, APR, points, lender credits, and cash to close together. APR assumes you keep the loan for the full term; if you sell or refinance sooner, break-even on points is a different math problem. Deep guide: APR vs rate on a Loan Estimate. Parent hub: why your quote is not the 30-year average.
Discount points and lender credits change cash to close inside the same lock window: points breakeven. A temporary buydown changes the payment for a few years, not the lock itself: who pays, year 3.
Scenarios
- Closing is inside the lock. Stay on the conditions list. A new auto loan or a large deposit can still reprice the file even while the lock clock runs.
- Appraisal or title is late. Ask about extension cost before the lock expires. If the lock expires before funding, the lender may offer an extension for a fee, worse pricing, or a relock at then-current market. Extension cost is file- and investor-specific. This page does not quote a fee or a current rate.
- You are shopping two Loan Estimates. If one is locked 30 days and one is locked 60, you are not comparing the same product.
Some locks include a limited float-down if rates drop. That is a written lock policy, not a blog right. Ask for the lock-desk terms before you treat a drop as yours.
If you already locked and the question is “rates dropped — now what?”, that is a different intent: what a lock does if rates drop after you lock. This page stays lock vs float vs extension.
What happens next
- Match lock period across LEs. Read note rate, APR, points, and credits together.
- Ask what the extension policy is in writing before you treat a closing date as guaranteed.
- Illustration only: payment calculator. A typed rate there is not a lock.
Common questions
Keep going
What to do next
Education first. A conversation with a loan officer is how you find out what may actually fit your file.
Loan information is provided by Ondo Real Estate (NMLS ID on file). This is not a commitment to lend, a loan approval, or an offer of credit. Rates, terms, and payments shown are estimates for illustration only, are not a quote, and are subject to credit approval, underwriting, and market conditions. You are not required to use Ondo for financing to buy or sell with Ondo. Equal Housing Lender. Program rules, fees, and county loan limits change. Confirm the current published schedule and lender overlays. Nothing here is a quote, a lock, or a credit decision. Licensing and disclosures