How Long Can You Lock Your Mortgage Interest Rate

Performance Property Real Estate Question

Q: My wife and I are buying our first home.  Interest rates are going up.  How long can we lock our mortgage interest rate?  Caleb, Belleville, NJ

A: Mortgage rates have increased significantly in the last year from historic lows.  Lenders normally will let pre-approved home buyers lock the interest rate of their mortgage loan for between 2 weeks and 2 months. Lenders can theoretically offer a rate lock for as long as they choose.  I have seen 120 day mortgage rate interest locks in real estate transactions I’ve been involved in, however, the borrower paid a fee for that extended rate lock.  Lenders will always hedge to protect themselves.  Thanks for your question, Caleb. 
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