How Long Should You Lock Your Mortgage Rate? 30, 45, or 60 Days

TL;DR: Most lenders offer a free 30-day rate lock, and that's enough for a typical purchase closing in 30-45 days. Longer locks (45 or 60 days) cost roughly 0.125% to 0.5% of the loan amount, so a 60-day lock on a $350,000 loan might run $437 to $1,750. Lock as short as your closing timeline allows, then ask about a float-down option if rates might drop before closing.

_Last reviewed: August 2026 · 7 min read_

You found a rate you like, but your closing is still six weeks out and you're not sure if you should lock now or wait. Lock too early and you might pay extra for days you didn't need. Wait too long and the rate could move against you before you're at the closing table.

Okoniq Property Hub helps homeowners track loan documents and key dates like rate-lock expirations so nothing slips through during closing.

What is a mortgage rate lock, exactly?

A rate lock is a written commitment from your lender to hold a specific interest rate for a set number of days while your loan moves through underwriting. Once locked, your rate won't change even if market rates rise before closing, as long as you close within the lock period and nothing about your loan changes.

Locks aren't unconditional. If your credit score drops, your debt-to-income ratio changes, or the appraisal comes back low and the loan amount shifts, the lender can reprice the loan even with a lock in place. Standard purchase closings run 30 to 45 days from contract to close, per typical timelines from most conventional lenders, which is why 30-day locks are the default option most borrowers see first.

If you're deciding between loan types before you even get to the lock stage, FHA vs conventional for first-time buyers covers how that choice affects your rate and costs upfront.

How much does a longer lock period cost?

Longer locks cost more because the lender is taking on more risk that rates will move before you close. A 15-day lock is often free or cheapest, 30 days is standard and usually free, 45 days typically adds 0.125% to 0.25% of the loan amount, and 60 days can run 0.25% to 0.5%.

On a $350,000 loan, that pricing looks like this:

| Lock Length | Typical Cost | Dollar Cost on $350,000 | |---|---|---| | 30 days | Usually free | $0 | | 45 days | 0.125%–0.25% | $437–$875 | | 60 days | 0.25%–0.5% | $875–$1,750 | | 90 days | 0.5%–0.75%+ | $1,750–$2,625+ |

These figures are rough industry ranges, not quotes, since pricing varies by lender and loan program. If you're weighing whether to buy down your rate instead of just locking longer, mortgage points — when to pay for a lower rate walks through that math separately.

What happens if your closing gets delayed past the lock date?

You'll likely need to pay for a lock extension, and the cost climbs the closer you get to the expiration date. Extensions are typically priced per day, often 0.01% to 0.03% of the loan amount per day, which adds up fast if a title issue or appraisal delay pushes your closing back two or three weeks.

Some lenders build in a short grace period of 3 to 5 days at no charge, but don't count on it. If you know your closing has moving parts, like a home sale contingency or a lender-required repair, it's often cheaper to lock for 45 days upfront than to pay extension fees on a 30-day lock. Purchases involving a VA loan can have extra timeline variables worth planning for; see VA loan basics for veterans for what typically slows those closings down.

Should you use a float-down option instead of a longer lock?

A float-down lets you capture a lower rate if the market improves during your lock period, and it's worth asking about if rates are volatile when you're shopping. Not every lender offers one, and those that do usually charge 0.25% to 0.375% of the loan amount, or build the cost into a slightly higher rate.

The trade-off is straightforward: a standard lock protects you if rates rise but leaves you stuck if they fall, while a float-down gives you one shot to adjust downward, usually within a defined window before closing, like 3 to 7 days out. If you're refinancing rather than purchasing, timing matters just as much; how to calculate refinance break-even in 60 seconds is useful for deciding if locking now versus waiting even makes sense.

What if rates are dropping and you haven't locked yet?

Waiting to lock when rates are trending down is a real strategy, but it's a bet, not a guarantee. Lenders can typically lock a rate at any point up until a few days before closing, so if you have flexibility in your timeline and rates are moving in your favor, holding off costs nothing extra beyond the risk that they reverse.

If you're already deep into underwriting with a closing date set, most loan officers recommend locking once you're within 30 days of closing regardless of market direction, since the potential savings from further rate drops rarely outweigh the risk of a sudden spike.

FAQ

Can I lock my rate before I find a house?

No. Rate locks require a specific property and loan amount tied to a signed purchase contract, so you can't lock until you're under contract. Pre-approval gives you an estimated rate, but the actual lock happens after contract signing.

Does locking my rate cost anything if I don't close?

If your loan doesn't close, whether because the deal falls through or you walk away, you typically don't pay for the lock itself, though some lenders charge a lock fee upfront that isn't refundable. Ask your loan officer directly whether their lock fee, if any, is refundable before you sign.

What's the difference between a rate lock and a rate commitment letter?

They're often used interchangeably, but a rate lock is the agreement itself while the commitment letter is the written document confirming the locked rate, points, and expiration date. Always request the written confirmation and check the expiration date matches your expected closing.

Is a 30-day lock enough for a refinance?

Usually yes, since most refinances close in 30 to 45 days once the application is submitted, similar to purchase timelines. If your refinance involves an appraisal or title issue that could delay things, a 45-day lock is cheap insurance against extension fees.

Can my lender change my rate after I've locked it?

Only if something about your loan file changes, like your credit score dropping, your income documentation changing, or the appraisal coming in different than expected. Barring those changes, a locked rate is locked, which is why keeping your finances stable during underwriting matters.

This is educational information, not financial advice. Talk to your loan officer or a mortgage broker about lock pricing and options specific to your loan program.