How to Lock Your Mortgage Rate After Your Offer Is Accepted

Your offer just got accepted. Congratulations. Now comes the question almost every buyer asks next: "What do I do about my rate?"

The answer is simpler than most people expect, but the timing matters. Lock too late and you risk watching rates move against you. Lock without understanding the terms and you might face fees you didn't plan for. Here's exactly how the rate lock process works after your offer is accepted, what a conventional mortgage rate lock looks like, and how working with a mortgage broker keeps your options open.

Quick answer: After your offer is accepted, you work with your lender or broker to lock your interest rate, which protects you from rate increases during the closing process. A conventional mortgage rate lock typically lasts 30 to 60 days. Your broker will advise on the right timing based on how quickly you expect to close and what rates are doing.

What Is a Mortgage Rate Lock and Why Does It Matter?

A mortgage rate lock is your lender's written commitment to hold a specific interest rate for a set period. During that window, your rate stays fixed regardless of what the broader market does. If rates go up the week before closing, you're still getting the rate you locked. If they go down, you're still at your locked rate unless you have a float-down option (more on that below).

Why this matters: Mortgage rates can move meaningfully in a short time. A rate that increases by 0.25% on a $400,000 loan adds roughly $60 to your monthly payment and more than $21,000 over the life of a 30-year loan. Locking your rate eliminates that uncertainty during the closing process.

The lock covers more than just the interest rate. It also holds the points and fees attached to that rate. What you see at lock is what you get at closing, as long as your loan details don't change materially.

What can break a rate lock?

A few things can void your lock or require a re-price:

• Switching loan programs (for example, moving from conventional to FHA)
• A significant drop in your credit score between lock and closing
• A major change in your income or employment status
• Changing the property or the loan amount

None of these should surprise you if you prepared correctly before your offer was accepted. The pre-approval process is specifically designed to catch these issues before you're under contract.

When Should You Lock Your Rate After an Accepted Offer?

Most buyers can lock their rate as soon as they have an accepted offer and a completed loan application. The question isn't whether to lock, it's when.

The general rule: lock when the rate fits your budget and your expected closing date falls inside the lock period with a few days to spare. You're not trying to time the market. You're trying to protect yourself from it.

The "float" alternative

Before locking, you can choose to float, meaning your rate stays unlocked and moves daily with the market. Floating costs nothing upfront, but it's a bet that rates will drop before you close. That bet can pay off or it can cost you.

The practical advice: Most buyers under contract should lock. Rates can move fast and unpredictably. The peace of mind of a locked rate is worth more than the chance of catching a slightly better number. If you're genuinely concerned about rates dropping, ask your broker about a float-down option instead of floating the entire loan.

Timing relative to your closing date

Count the days between now and your contract closing date. Then add a small buffer for common delays: appraisal scheduling, title work, or seller-side issues. That total is your minimum lock period. Most purchase closings happen 30 to 45 days after the offer is accepted, which is why 30- and 45-day locks are the most common choice for conventional loans.

How Long Does a Conventional Rate Lock Last?

For conventional loans, rate locks typically come in these standard periods:

• 30 days: Usually free. Works if your closing is on a tight, predictable timeline.
• 45 days: A small fee, often 0.125% to 0.25% of the loan amount. The most common choice for standard purchase transactions.
• 60 days: Runs 0.25% to 0.50% of the loan amount. Useful when there's a slower appraisal market, a complex title situation, or any uncertainty about the timeline.
• 90 days: Costs 0.50% to 1.00% or more. Reserved for unusual situations, not typical purchases.

On a $400,000 conventional loan, a 45-day lock might cost $500 to $1,000 upfront. A 60-day lock runs $1,000 to $2,000. Some lenders build the cost into a slightly higher rate rather than charging an upfront fee, so always compare the full picture: rate plus fees, not just the fee alone.

The right lock period is the one that covers your closing date plus a few days of breathing room. Buying more time upfront is almost always cheaper than paying for an extension after the fact.

What about a float-down option?

A float-down lets you lock your rate now and still capture a lower rate if the market drops before closing. It's a middle path between locking and floating. The typical terms:

• Cost: 0.25% to 0.50% of the loan amount (roughly $1,000 to $2,000 on a $400,000 loan)
• Trigger: rates must drop at least 0.25% below your locked rate before the option activates
• Timing: most lenders only allow it until about 15 days before closing
• One-time use: once you float down, the option is spent

According to the Consumer Financial Protection Bureau, a rate lock may prevent you from benefiting if rates fall, which is exactly why float-down options exist. Ask your broker whether the lender they're placing you with offers one, and get the terms in writing before you lock.

What Happens If Your Rate Lock Expires Before Closing?

This is where buyers get caught off guard. Closings get delayed. Appraisals take longer than expected. Title issues pop up. If your lock expires before you close, you have two options:

• Extend the lock: Most lenders allow extensions in 15-day increments. The cost typically runs 0.125% to 0.25% of the loan amount per 15-day period. On a $400,000 loan, that's $500 to $1,000 every two weeks. Some lenders cap extensions at two or three before requiring a full re-lock.
• Re-lock at current market rates: If you let the lock expire without requesting an extension, the lender will re-price your loan at whatever rate the market is at that day. If rates moved up during your transaction, this can be a painful surprise.

The mistake most buyers make: waiting until the lock has already expired to ask about an extension. Once it's gone, you lose negotiating leverage and may face worse terms. Contact your lender or broker as soon as you see the closing timeline slipping, not after it slips.

The CFPB notes that extending a lock "may be expensive," and that the Loan Estimate you receive at application does not show extension costs. Ask your broker for the extension fee schedule before you lock, so there are no surprises later.

How a Mortgage Broker Manages the Rate Lock for You

Working with a mortgage broker on a conventional loan gives you something a single bank cannot: access to multiple lenders and their lock programs at the same time.

When you go directly to one bank, you get that bank's lock options, their extension fees, and their float-down policy (if they even offer one). When you work with a broker, they can shop your file across multiple lenders and find the one whose lock terms fit your specific timeline and risk tolerance.

What a broker actually does during the rate lock process

• Reviews your contract closing date and recommends the appropriate lock period
• Compares lock pricing across the lenders they work with
• Advises on whether a float-down option makes sense given current rate trends
• Monitors the timeline and flags you early if a closing delay is likely
• Handles the extension request on your behalf if the timeline slips

This is especially valuable for buyers who are new to the process. Most people have no idea that extension fees exist until they're staring at one. A good broker tells you about them upfront, before you're in a position where you need one.

One more thing brokers bring: lender relationships. When a closing is running tight, a broker who has placed dozens of loans with a lender has more flexibility to negotiate an extension or find a solution than a first-time buyer calling a 1-800 number.

If you're not sure whether you should be working with a broker versus going direct to a bank for your conventional loan, the pre-approval process is a good place to start that conversation. Understanding private mortgage insurance is also worth your time before you lock, since your down payment amount can affect your loan structure and lock options.

Frequently Asked Questions

How do I lock my mortgage rate after my offer is accepted?

Contact your lender or broker as soon as your offer is accepted and you have a completed loan application. Tell them your contract closing date. They will recommend a lock period, quote you the rate and any associated lock fee, and submit the lock to the lender. You should receive written confirmation of the locked rate, the lock period, and the expiration date.

How do I get a conventional mortgage rate lock?

A conventional mortgage rate lock works the same way as any other: you ask your lender or broker to lock the rate once you have an accepted offer and an active loan application. Your broker will compare lock options across lenders and recommend the period that fits your closing timeline. Standard lock periods for conventional loans are 30, 45, or 60 days.

What happens if my rate lock expires?

If your rate lock expires before closing, you can request an extension or re-lock at the current market rate. Extensions typically cost 0.125% to 0.25% of the loan amount per 15-day period. The key is to request the extension before the lock expires, not after. Once it's gone, the lender is not obligated to honor the original terms.

Can a mortgage broker lock my rate for me?

Yes. Your broker submits the rate lock to the lender on your behalf. They handle the paperwork, confirm the terms, and should provide you with written confirmation. A broker working with multiple lenders can also compare lock programs to find the best combination of rate, lock period, and extension terms for your situation.

Got an accepted offer and need to lock your rate? Call or text Joe Huljak at 414.617.3042, or start your pre-approval at joonago.com. Joe is licensed in Arizona, Wisconsin, and Texas. NMLS #250873 | Company NMLS #249858 | AZ License MB-0945285.