Rates are decreasing. Should you lock in a mortgage rate now?

Mortgage interest rates change daily, meaning the mortgage interest rate you see when you first apply for your mortgage preapproval or approval may not be the same rate you end up with at closing. That’s why mortgage rate locks exist. Simply put, a mortgage rate lock freezes your interest rate until the loan closes and protects you from rising rates. Learn more: Strategies for getting the lowest mortgage rates In this article: What is a mortgage rate lock? A mortgage rate lock is a commitment from a mor ...