How long can you lock in a mortgage rate?

A mortgage rate lock is when your mortgage is locked for a specific period – it does not change during this period. Since mortgage rates fluctuate frequently, a mortgage rate lock can help you save money in case mortgage rates increase. Depending on the lender, you may be able to lock in your mortgage rates anywhere from 30 to 120 days. A longer locking period may cost a higher amount. Some lenders may be willing to lock your interest rate for free as well, depending on how long you want it locked. 

Mortgage rates fluctuate because of the economy, housing demand, political events, financial markets, and Federal Reserve regulations. 

Higher demand for homes naturally increases mortgage rates. If demand falls, so do the rates

After getting into a mortgage rate lock agreement with your lender, you can still choose to switch lenders at a later date. You’re not obligated to stick to the same lender throughout the loan period. 

If the Federal Reserve increases the borrowing rate, mortgage rates are also affected, especially adjustable-rate mortgages.