Mortgage Rate Locks in San Diego: How They Work and What Can Still Change

A mortgage rate lock means your interest rate will not change between the lender's offer and closing, as long as you close within the lock period and your application does not change. Without a lock, the CFPB says your rate can change at any time, even daily or hourly.

What a rate lock is

The Consumer Financial Protection Bureau defines a lock-in this way: it means your interest rate will not change between the offer and closing. The protection holds if you close within the stated time frame and your application stays the same. The CFPB's page was last reviewed in May 2023, so check current practice with your lender.

This matters because rates can move while your sale is in escrow. A lock lets you plan your payment with a number you can count on. It can also keep you from benefiting if rates fall after you receive your offer, which is the trade-off.

How long a lock lasts

The CFPB says locks are typically offered for 30, 45 or 60 days, and sometimes longer. The page gives no lock fee amounts, and it says your Loan Estimate will not show the cost to extend a lock, what you pay for a specific lock term or whether other terms cost more or less. You need to ask your lender.

Match the lock length to your contract. If your purchase agreement has a closing date 30 days away and your loan needs appraisal, underwriting and signing time, a longer lock may be worth asking about. If you are weighing timing in general, my guide on buying now or waiting for rates to drop covers the bigger decision.

What can change your rate even after you lock

A lock protects you from market moves, not from changes to your own file. The CFPB lists examples of changes that can affect your rate:

• Changing the loan type or the down payment amount.
• An appraisal that comes in higher or lower than expected.
• A credit score change, such as opening a new loan or missing a payment.
• The lender not being able to document overtime, bonus or other income.

That is the reason to avoid new credit, big purchases or job changes while your loan is in process. My guide to debt-to-income ratios explains how new debt can change your approval.

What happens if the lock expires

The CFPB page does not say what happens to your rate after a lock expires. It advises asking your lender what would happen if closing is delayed and the lock runs out, and asking about a longer lock now if you are worried the period is too short. Put the answer in writing.

Delays can come from many places: an appraisal that needs reconsideration, a repair negotiation after an inspection, or a title issue. I explain the inspection side in how to negotiate after a home inspection.

Where to find your lock on the Loan Estimate

The CFPB says some lenders lock your rate when they issue the Loan Estimate and some do not. Page 1 of the Loan Estimate states whether your rate is locked and for how long. If it is not locked, ask when and how you can lock, and what it will cost.

A lock can also affect your decision on points and credits, because the pricing you see is tied to a particular rate and time frame. I explain the trade-offs in rate buydowns and discount points. Ask your lender and your agent to agree on the dates, so the lock, the contract and the closing line up.

Questions to ask your lender

1. Is my rate locked now? For how many days?
2. What does an extension cost, and who pays if the delay is not my fault?
3. What happens to my rate if the lock expires before closing?
4. Which changes to my file could change my locked rate?
5. Can I get a longer lock now, and what does it cost?

I am not a lender, so your lender is the one who can answer these for your loan. My part is making sure your contract dates and your lock dates work together, which is easier when you work with an agent who tracks the calendar, as I describe in working with a REALTOR. Closing is also the point where scammers target buyers' funds, so read my wire fraud guide before you send any money.

My advice for San Diego buyers

1. Ask early whether your lender locks at the Loan Estimate or later.
2. Choose a lock length that matches your closing date plus a cushion for delays.
3. Get the cost of an extension in writing before you need one.
4. Avoid new debt, new credit and income changes while your loan is in process.
5. Keep your agent and your lender in contact about dates.

A note on advice

I am a REALTOR®, not a lender, attorney, tax professional or financial advisor, so this guide is general information. Your lender can tell you what you qualify for, and a CPA or attorney can answer tax and legal questions.

Related guides

• Home Equity in San Diego: What It Is and How a HELOC or Home Equity Loan Works
• Written Buyer Agreements in San Diego: What to Know Before You Tour a Home
• Working With a REALTOR in San Diego: What to Expect and How to Check a License
• Wire Fraud at Closing in San Diego: How to Protect Your Down Payment
• How to Get Preapproved for a Mortgage in San Diego: What Lenders Check and What the Letter Means
• Questions to Ask a Mortgage Lender Before You Choose One in San Diego

Frequently asked questions

What is a mortgage rate lock?

It means your interest rate will not change between the offer and closing, as long as you close within the stated time frame and your application does not change.

How long does a rate lock last?

The CFPB says locks are typically offered for 30, 45 or 60 days, and sometimes longer.

Can my locked rate still change?

Yes. A change to your application, such as a different loan type, down payment, appraisal result or credit score, can change your rate.

Does the Loan Estimate show whether my rate is locked?

Yes. Page 1 states whether your rate is locked and for how long, though some lenders lock at the Loan Estimate and some do not.

What if my lock expires before closing?

The CFPB page does not say, so ask your lender what happens if closing is delayed and the lock expires, and get the answer in writing.

About the author

Trevor Landress is a San Diego REALTOR® with Coldwell Banker West (DRE# 02126901). He was born and raised in San Diego and has been licensed since 2021.

Trevor helps homeowners sell, guides first-time buyers through the home buying process and assists investors with their next acquisition. His work includes negotiating offers, analyzing market trends, building pricing strategies and running marketing campaigns for his listings.

He serves clients across San Diego County, from coastal communities like La Jolla, Del Mar and Carlsbad to neighborhoods inland.

Trevor is part of the Campbell Group, a three-generation real estate team, and he and the Campbell Group consistently rank as a top producing team at Coldwell Banker West each month. He writes these guides to help San Diego buyers and sellers navigate an ever-changing market. To talk through your plans, call or text (619) 402-4614 or contact Trevor Landress.

How I help San Diego home buyers

I help buyers sort out their budget, understand their loan options with a lender, search for homes, write and negotiate offers, keep track of inspection and contingency deadlines and stay organized through closing.

How I help San Diego home sellers

I help sellers price their home, prepare it for the market, market it to buyers, review and negotiate offers and manage the steps from an accepted offer to closing.

Rules and official pages

• CFPB: What is a lock-in or a rate lock on a mortgage?