Rate timing doesn’t have to be a gamble — here’s how to approach it smartly.

For many first-time homebuyers, mortgage rates feel like a moving target — one that’s out of their control and hard to understand.

You’ve probably heard of “locking your rate,” but maybe you’re unsure when to do it, how it works, or even why it matters.

This guide breaks it down in plain language — so you can make confident decisions with your loan officer, not guesses based on headlines.

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🔐 What Is a Rate Lock?

A rate lock is a lender’s written agreement to honor a specific interest rate for a set period of time (usually 15–60 days). That means your rate won’t go up even if market rates do — giving you predictability.

🔍 Important: A rate lock is not automatic. You and your lender choose when to lock — and once you do, it typically can’t be changed.

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🧠 Why Does Timing Matter?

Because mortgage rates can change daily — even hourly — based on:

• Inflation data
• Fed announcements
• Market sentiment
• Global events

Locking at the right time can save you thousands over the life of your loan — or at the very least, give you peace of mind.

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⏱ When Should You Lock?

Every buyer’s situation is different, but here are a few common points when rate locks make sense:

✅ After Your Offer is Accepted

If you’re under contract on a home, locking shortly after acceptance protects your rate while your loan is processed.

✅ During Application (If You’re Refi’ing)

For refinances, you can often lock at application if you’re ready to move forward. The key is knowing your numbers are solid.

✅ If Rates Are Climbing

If market conditions suggest rates are trending up, locking early helps you avoid increases that could raise your monthly payment or affect your approval.

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🤔 Should You Ever Wait?

Maybe — but it’s a calculated risk.

You might hold off if:

• Your closing is more than 60 days out
• You think rates will drop in the near term
• Your lender offers a float-down (rare, and typically with fees)

🧭 Best bet? Work with a loan officer who understands the market — not just follows it.

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🔁 Can You Change Your Lock Later?

In most cases, no — unless:

• Your lender offers a float-down feature (limited)
• You cancel and restart the application (can delay closing)
• You choose to extend your lock (usually for a fee)

That’s why timing and planning matter more than “rate chasing.”

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🏢 Why PRMI?

As a direct lender, PRMI helps you:

• Lock at the right time based on your goals and market movement
• Understand your payment impact before locking
• Avoid rate gimmicks or bait-and-switch tactics used by some brokers

You’ll get clear guidance, no guesswork, and honest strategy from a team that closes loans every day — not just quotes them.

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👇 Wondering If Now’s the Right Time to Lock?

Let’s talk through where rates are, what your goals are, and build a plan that gives you peace of mind.