A rate lock holds your interest rate for days — so rising rates won’t wreck your approval.

Longer locks = more $$$.
A 60-day lock can cost ~$100/month more than 15 days.

If your lock expires, you might get an extension…
But expect a higher rate in return.

Ask about a “float-down” option — it lowers your rate if rates drop (sometimes with a fee).

If rates fall after you lock, you lose.
Canceling = possible fees. Make moves with eyes open.