Mortgage Rate Locks for Washington Buyers

A mortgage rate lock is a lender's commitment to a specific interest rate and pricing structure for a defined period. It should be planned around the actual contract timeline, not treated as automatic with pre-approval.

What locks and what can change

A lock generally covers a rate and pricing, including points, for a set period such as 30, 45, or 60 days. It is tied to a specific property, loan amount, loan type, and qualifying profile; material changes can require repricing.

Until the buyer locks, the rate on a pre-approval floats with the market. A lock is not automatic and should be confirmed with the lender in writing.

Match the lock to the closing date

Most buyers lock shortly after mutual acceptance, when there is a specific property and contract. Size the lock to the closing date plus a cushion for appraisal, underwriting, and normal transaction friction rather than locking exactly to the scheduled close.

If closing passes the expiration date, the lender may offer a paid extension. If the lock expires, the buyer may have to relock under the lender's policy, often at less favorable current pricing. The offer's closing date is therefore part of the financing strategy.

Credits, buydowns, and float-downs

A seller credit or rate buydown can affect the locked pricing structure, so coordinate the offer language with the lender before submission. The financing contingency and rate lock protect different things and run on different clocks.

A float-down may allow a one-time move to a lower rate if rates improve during the lock, usually subject to a fee, threshold, and lender-specific rules. If rates fall after closing, refinancing—not the expired lock—is the relevant tool.