When should I lock my conventional rate?
Most borrowers lock when the contract is accepted and the file is moving toward closing — typically 30-60 day locks are standard for purchases. Locking too early adds extension cost if the file delays; locking too late leaves the rate exposed to market moves.
What this actually means.
Standard purchase lock: 30 or 45 days, sometimes 60 for complex files or new construction. Lock periods longer than 60 days cost more in points or rate. If rates drop materially after lock, some lenders offer 'float-down' provisions for a fee — confirm before you lock if you want this option. If rates rise after lock, the locked rate is protected. The contract closing date is the practical anchor for lock timing. Subject to lender lock policy.
Where this can move.
Credit score, LTV, points, lender credits, lock timing, and market movement can change the rate quoted. APR includes finance charges.
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More conventional questions on Rates.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.