What does the Rate Lock box on a Loan Estimate mean?

Updated November 2026 · Every dollar figure is an illustrative example, not a quote

The Rate Lock box at the top right of page 1 says whether the interest rate on the estimate is locked, and if so until what date and time; if it says NO, the rate, the points and any lender credit can all move with the market until you lock. The same box says when the other closing-cost estimates expire, which is at least ten business days from when the lender gave you the form.

Where it is on the form

Page 1, top right, as Rate Lock with NO or YES checked, and if YES, 'until [date] at [time] [time zone]'. Beneath it: 'Before closing, your interest rate, points, and lender credits can change unless you lock the interest rate. All other estimated closing costs expire on [date] at [time].' The lock fee, if any, is in Section A.

Illustrative rangeLocks commonly run 30, 45 or 60 days; the closing-cost estimate holds for at least 10 business days

A lock long enough to reach closing with a few days to spare is the goal. Purchase closings commonly take 30 to 45 days from contract; refinances similar. New construction can need 90 days or more. Longer locks cost more, usually in the rate or a fee; see Rate Lock Fee.

Paid toNobody: it is a status

Can you shop for it?Not a service

Can it change at closing?Not a fee: There is no dollar amount to protect

What a lock is: the lender's promise that a given rate, points and credit will hold through a date, whatever the market does. If rates rise, you keep the lower rate. If rates fall, you are usually stuck unless the lender offers a float-down, often for a fee. The lock is on the rate and its pricing, not on the other fees, which have their own tolerance rules.

The ten-business-day line matters when you are shopping. A lender must honor its Loan Estimate's closing costs if you tell it you intend to proceed within ten business days of receiving the form; after that it may issue a new one. The rate on an unlocked estimate was never promised, so an estimate used to win you over with a rate that was never locked is only as good as the market on the day you finally lock. When you compare two estimates, compare them on the same day and ask whether each rate is locked.

A lock that expires before closing is the common failure. The lender extends it, usually for a fee or a slightly worse rate, or reprices the loan at the current market. Lock with room to spare, and ask what an extension costs before you need one.

Can you shop for it?

Not a service. But lock policies differ between lenders: the free lock length, the extension cost, whether there is a float-down if rates fall, and whether the lender will re-lock at a better rate. Those terms are part of the price and worth asking about alongside the rate.

Can it change between the Loan Estimate and closing?

Not a fee. The effect runs the other way: an unlocked rate is the one part of the estimate that can change freely, with its points and credits, until you lock. Once you lock, the lender must issue a revised Loan Estimate within three business days reflecting the locked terms, and those cannot rise on their own after that.

Questions to ask the lender

Is this rate locked, and if not, what does today's lock look like at this rate and these points?
How many days is the lock, and what does an extension of 7, 15 or 30 days cost?
If rates fall after I lock, is there a float-down, and what does it cost?

Red flags

An estimate with Rate Lock NO used to persuade you to stop shopping.
A lock shorter than the realistic time to close.
A locked rate that changes on the Closing Disclosure with no revised Loan Estimate and no expired lock.

Questions people ask

What does it mean if my Loan Estimate says the rate is not locked?

The rate, points and lender credit shown can change with the market until you ask the lender to lock. The rest of the closing costs hold for at least ten business days. If you like the rate, locking it is what makes it real; ask what the lock costs and how long it runs.

When should I lock my mortgage rate?

Once you have chosen the lender and have a closing date you believe, with a lock long enough to reach it. Locking earlier protects you from rate rises; waiting leaves you exposed but keeps the option of a lower rate. Nobody can tell you where rates go next week.

Does the Loan Estimate expire?

The closing-cost figures hold for at least ten business days from when you received it, if you tell the lender you intend to proceed within that time. An unlocked rate was never promised, so it can change any day. A locked rate holds until the lock's date.

Only have one quote? That's the problem.

Tell us the rate and the fees you were quoted. It is free, there is no credit pull, and nobody calls you. We check whether another lender beats it, fees included. Or start with the free Loan Estimate checker, which reads your rate, points and Section A and flags anything out of the ordinary.

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Every dollar figure on this page is illustrative. Fee ranges are general observations, not a survey or a quote, and are not a loan offer, approval, commitment to lend, or Loan Estimate. Your actual rates and fees depend on qualification with lenders, your state and county, and your closing date. The tolerance rules described are the federal TRID rules in general terms; the rule itself and your own Loan Estimate and Closing Disclosure decide how it applies to your loan. comparemyloan does not negotiate with lenders, lock rates, or take loan applications.