How to use a mortgage rate lock to secure a low interest rate

Mortgage rates fluctuate daily due to economic factors. A mortgage rate lock secures a specific interest rate, protecting buyers from increases during the homebuying process. Rate locks typically last 30 to 60 days and can be extended, often at a cost. Locking in a rate provides certainty in budgeting but may result in missed savings if rates drop. Factors influencing rates include credit scores and loan amounts. It's advisable to shop around for the best rates and consider personal financial situations before deciding to lock or float a mortgage rate.