A mortgage rate lock secures a specific interest rate for a set period, protecting borrowers from rising rates and ensuring predictable monthly payments. Homebuyers can lock in rates at various stages, ideally when rates are low. Benefits include budget certainty, protection from market volatility, and peace of mind. However, risks include potential fees, missed opportunities if rates drop, and lender processing delays. It's crucial to evaluate financial situations and market conditions before deciding to lock in a rate.
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