Lock or float? A practical mortgage rate checklist
Make a rate-lock decision around your closing timeline and budget.
By Kyle Perks · Updated September 4, 2026
Know what a lock covers
A rate lock protects the offered interest rate for a specified period, subject to its terms and an unchanged application. An extension can cost money. Changes to income, credit, down payment, or the loan itself can affect pricing. CFPB: how rate locks work.
Get these details in writing
- The expiration date and whether it fits the planned closing.
- The price of extending the lock if closing is delayed.
- Whether a float-down exists, its conditions, and its cost.
- Which changes to your application could alter the locked terms.
Use your budget as the decision point
Ask Kyle to show the monthly payment under more than one rate scenario. Decide how much uncertainty you are comfortable carrying while the transaction moves toward closing. A market forecast cannot replace a payment you can afford.
Check your Loan Estimate for lock status, then ask for the complete lock agreement. Availability and terms vary by lender and program; a lower future rate is never guaranteed.
Educational information; loan options depend on current program rules and your circumstances. Kyle Perks NMLS# 907142 · Stonehaven Mortgage NMLS# 901574.