What is a rate lock?

A rate lock is a guarantee from a lender that the offered interest rate with the associated points and credits for a mortgage is the rate that they will receive, so long as their financial information matches what was provided during the rate lock process. Rate locks are good for a pre-set length of time, such as 30, 45, or 60 days. Better offers a 24/7 online mortgage rate lock to protect you from rising interest rates. Check out mortgage interest rates today.