Suppose you borrow $400,000 on a 30-year fixed loan. At an illustrative 6.25%, principal and interest come to about $2,462.87 a month. At 6.00%, it is about $2,398.20. That quarter-point gap is $64.67 a month, or roughly $3,880 over the first five years (60 payments × $64.67). A rate that moves while you are still waiting to close can cost you real money. Duane Buziak, NMLS #1110647, wrote this guide to show you how to lock in a mortgage rate in 2026. (The rates above are for illustration only, not a quote.)
By the end, you will have a locked rate with written confirmation, a lock period matched to your closing date, and a plan for keeping the lock intact. Before you start, gather a signed purchase contract or an identified property, a snapshot of your credit and income, and at least one Loan Estimate to compare.
- Step 1: Confirm You Are Ready to Lock
- Step 2: Compare Rates and Loan Estimates Before You Commit
- Step 3: Choose Your Lock Period to Match Your Closing Date
- Step 4: Decide Whether to Lock Now, Float, or Use a Float-Down
- Step 5: Get the Lock Confirmed in Writing
- Step 6: Protect Your Lock Through Closing
- Check the Lock Against Your Closing Disclosure
- Rate Lock FAQ
Step 1: Confirm You Are Ready to Lock
A lock only works if the loan it covers stays the same. Before you ask for one, check three things:
- You have a property identified or under contract.
- You have chosen the loan program, whether conventional, FHA, VA, or jumbo.
- Your income and credit documents are submitted for underwriting.
The terms matter here. A rate lock is a lender’s written commitment to hold a specific interest rate and pricing for a set period. A floating rate is one that has not been locked, so it can change with the market. A rate quote or a Loan Estimate by itself is neither: it shows what the lender expects to offer, not what it has committed to. The CFPB explains rate locks in plain language if you want the regulator’s definition.
Mistake to avoid: locking before the property or program is settled. Switching from a condo to a single-family home, or from FHA to conventional, can reprice the lock or void it. If you are still choosing between programs, finish that decision first.
If you are not sure which program fits, Duane Buziak at Grand Rates by Duane Buziak can run a soft-pull rate comparison. You see realistic options across programs without a hard inquiry on your credit.
Step 2: Compare Rates and Loan Estimates Before You Commit
Request Loan Estimates from several sources on the same day, so every rate reflects the same market conditions. Rates can move within a single day, and a quote from Tuesday will not compare cleanly with one from Friday. The CFPB publishes guidance on reading and comparing Loan Estimates that is worth keeping open as you work.
Do not stop at the headline rate. Look at the interest rate, the APR, discount points, lender credits, and the fees on Page 2. A lower rate that carries a point of upfront cost can be a worse deal than a slightly higher rate with a lender credit, depending on how long you keep the loan.
For a market benchmark, check Freddie Mac’s weekly Primary Mortgage Market Survey. Read the figure with its publication date, and note that it is a national average that does not reflect your credit, down payment, or property. Quotes will differ from it.
Where you get quotes also shapes what you see. This table compares the structures, not prices:
| Option | How it is structured | Where your rate comes from | Who sets the lock |
|---|---|---|---|
| Lender or broker with a single rate sheet | One pricing source | That one rate sheet | That one lender |
| Independent consultant (Duane Buziak) | Broker and lender, not tied to one lender | Hundreds of wholesale lenders | The lender chosen for your loan |
| Rocket | National retail lender | Its own loan products and pricing | Rocket |
| Movement | National retail lender | Its own loan products and pricing | Movement |
| Veterans United | Retail lender with a focus on VA loans | Its own loan products and pricing | Veterans United |
Whichever route you take, compare the written Loan Estimates line by line.
Step 3: Choose Your Lock Period to Match Your Closing Date
Lock periods commonly come in 30, 45, and 60 day options, though the menu and the pricing vary by lender and by market. Ask what is available for your loan before you decide.
Use this decision rule:
- Find the closing date in your purchase contract.
- Count the days from today to that date.
- Add a buffer of roughly one to two weeks for appraisal or underwriting delays.
- Choose the next lock length up from that total.
For example, imagine you are 38 days from closing. Adding a ten-day buffer gives 48 days, so a 60-day lock is the safer match, not 45.
There is a tradeoff. Longer locks may carry a higher rate or an upfront fee, because the lender is holding its pricing for more days. A lock that is too short risks expiring before closing, which can mean an extension fee or a relock at whatever the market is doing then. Compare the cost of the longer lock against the cost of one extension, and ask both questions when you request pricing.
Some purchases need more room than usual. New construction closings depend on a builder’s schedule, and condo purchases can add review steps. If either applies to you, ask directly about extended or construction lock options rather than assuming a standard 60-day lock will cover you.
Step 4: Decide Whether to Lock Now, Float, or Use a Float-Down
Floating means taking the risk that rates move against you. They can rise or fall on any given day, and nobody can time them reliably, including Duane Buziak. Waiting for rates to fall is a bet, not a safe strategy.
A simple framework: lock when the payment at today’s rate fits your budget and a rise would strain it. Go back to the opening example. If $2,462.87 works for you and $2,528 (about a quarter-point higher) would not, you have your answer. If either payment is comfortable, you have more room to consider alternatives.
A float-down option sits between the two. It allows a one-time reduction in your locked rate if the market falls by a set amount. It usually costs a fee or a slightly higher starting rate. Before you pay for one, get these three things in writing:
- The trigger: how far rates must fall before the option applies.
- The cost: whether it is a fee, a higher rate, or both.
- The conditions: how many times it can be used and any timing limits.
Be clear about what a lock does not do. It does not mean your loan is approved, and it does not protect you if your credit, income, or loan amount changes. It fixes the pricing on the loan as it was described to the lender. If the facts change, the price can too.
Step 5: Get the Lock Confirmed in Writing
Ask for a written lock confirmation. A verbal “you’re locked” is not enough. The document should list:
- Interest rate
- Points and lender credits
- Lock date and expiration date
- Loan program
- Loan amount
Then check it against your Loan Estimate. If a changed circumstance, such as a different loan amount, caused a revision, ask for the revised Loan Estimate so the two documents agree.
Ask about cost, too. A lock can be free, built into the rate, or carry a fee. If there is a fee, ask whether it is refundable or credited at closing. Do not assume a lock always costs nothing.
Layouts vary by lender, but a confirmation typically reads something like this, as an illustration and not a real document:
- Borrower and property address
- Program: 30-year fixed conventional
- Loan amount: $400,000
- Rate: 6.25%, with 0.000 points and no lender credit shown
- Locked on a stated date, expiring 60 days later
- Lock fee: none, or the amount and whether it is credited at closing
If anything on your copy differs from what you agreed to, raise it the same day, while it is easy to correct.
Step 6: Protect Your Lock Through Closing
Once you are locked, your job is to keep the loan looking exactly as it did when it was priced. Avoid these:
- Opening new credit accounts or financing a car or furniture.
- Making large deposits you cannot document.
- Changing jobs without telling your loan officer first.
- Switching loan programs midstream.
Track the milestones: the appraisal, underwriting conditions, and the Closing Disclosure. Under the TRID rule, the lender must ensure you receive it at least three business days before closing. Use that time to review it.
If the lock is about to run out, ask early about an extension. Extensions are often priced as a fraction of a point for a few days, though terms vary by lender. Also ask whether a relock after expiration reprices to the market, since it often does.
One more detail affects pricing: whether your loan is conforming or jumbo. FHFA set the 2026 baseline conforming loan limit for one-unit properties at $832,750, with higher limits in designated high-cost areas, which include several Northern Virginia localities. Most Virginia counties fall under the baseline figure. Check your county on the FHFA website, because a loan above your county’s limit is priced as jumbo, and lock pricing can differ.
Check the Lock Against Your Closing Disclosure
When your Closing Disclosure arrives, set it next to the lock confirmation and confirm the rate, points, credits, and loan amount match. Resolve any difference before you sign, not after.
Ready to secure a competitive mortgage rate for your Virginia home without impacting your credit score? Get your free personalized rate comparison from an independent consultant recognized as one of Virginia’s top loan officers, with no obligation and no hidden fees. Helping families find their new homes since 2014, Duane Buziak at Grand Rates by Duane Buziak is a 5.0 star rated resource.
