A rate lock holds your interest rate for days — so rising rates won’t wreck your approval.
Longer locks = more $$$.
A 60-day lock can cost ~$100/month more than 15 days.
If your lock expires, you might get an extension…
But expect a higher rate in return.
Ask about a “float-down” option — it lowers your rate if rates drop (sometimes with a fee).
If rates fall after you lock, you lose.
Canceling = possible fees. Make moves with eyes open.