Is Now a Good Time to Lock In a Mortgage Rate?

With mortgage rates shifting more often than ever, many homeowners and buyers are asking the same question:
“Should I lock in my mortgage rate now, or wait?”

At Rapid Home Loan, we get this question daily—and the answer depends on your situation, the current market, and where rates are likely headed. In this post, we’ll break down what it means to lock in a rate, why timing matters, and how to know if now is the right time for you to make a move.

🔐 What Does “Locking In” a Mortgage Rate Mean?

Locking in a mortgage rate means securing your interest rate for a set period of time, typically 30 to 120 days, while you finalize your mortgage approval or prepare to close on a home.

During this time:

Your rate won’t increase—even if market rates go up.
You gain payment certainty, which helps with budgeting.
You’re protected against unexpected rate hikes before closing.

📊 What’s Happening With Mortgage Rates Right Now?

As of mid-2025, rates have been volatile, reacting to inflation, economic slowdowns, and central bank policy decisions. While some experts predict possible rate cuts, others warn that inflation pressures could lead to continued or renewed increases.

This kind of unpredictability makes rate locks more valuable—especially for buyers nearing closing or homeowners considering refinancing or renewal.

✔️ When Locking In Makes Sense

✅ You’re Buying a Home Soon

If you’re actively house hunting or under contract, locking in your rate can give you peace of mind during your closing process.

✅ You Have a Renewal Coming Up

If your mortgage term ends within the next 6–12 months, it may be wise to lock in a competitive fixed rate now, before rates move again.

✅ You’re Refinancing

Refinancing to consolidate debt or reduce monthly payments? Locking a rate protects your numbers while paperwork and approvals are underway.

🤔 When You Might Hold Off

🚨 You Expect Rates to Drop Significantly

If you’re in a variable-rate mortgage and have flexibility, you might benefit from short-term rate dips before making a long-term decision.

💡 You’re Early in the Buying Process

If you’re 6+ months out from purchasing, locking a rate too early may limit your options later. Let Rapid Home Loan help you time it right.

🔁 What If Rates Drop After You Lock In?

Many lenders offer a “float-down” option, meaning if rates drop during your lock period, you may still be able to get the lower rate. Not all lenders offer this, so it’s important to work with a broker (like us!) who can help you find the most flexible solutions.

🏠 So, Should You Lock In Now?

Short answer: If you’re within 90–120 days of needing a mortgage and you’re worried about rising rates, yes—now is a good time to lock in.

But it depends on your situation.

At Rapid Home Loan, we’ll:

Review your current mortgage or pre-approval
Monitor market trends daily
Help you decide if locking in or waiting is the smartest move
Guide you toward the right product with the most protection