LoanMate.ai may earn a commission from card issuers or lenders when you apply through links on this page. This does not affect our data verification process.
The short answer
You can compare Loan Estimates with different rate-lock periods, but not at face value. A rate lock freezes your rate for a set window (typically 30, 45, or 60 days); longer locks cost more because the lender takes on more market risk. So a 60-day lock at 6.75% may actually be cheaper pricing than a 30-day lock at 6.625% — the extra 0.125% is the lock-period premium, not a worse deal. To compare fairly: (1) note each estimate's lock period and expiration date (top of page 1), (2) ask each lender to re-quote on the same lock period, or (3) use the comparison tool and mentally adjust for the lock premium.
What a rate lock actually is
A rate lock is the lender's commitment to honor a specific interest rate through a specific date, regardless of market movement. The lock period starts when you lock — not when you receive the Loan Estimate. Key facts:
- Standard periods: 30, 45, and 60 days. Some lenders offer 15-day or 90+ day locks.
- Longer locks cost more. A 60-day lock typically runs 0.125%–0.25% higher in rate (or 0.25–0.5 points in fees) than a 30-day lock on the same day, from the same lender.
- Lock expiration matters. If your loan doesn't close before the lock expires, you may pay an extension fee or get re-priced at current market rates — which could be higher.
- Float-down options exist at some lenders: if rates drop significantly after you lock, you can "float down" to the better rate, usually for a fee.
Why different lock periods break a direct comparison
Imagine two estimates received the same week:
| Lender A | Lender B | |
|---|---|---|
| Rate | 6.625% | 6.75% |
| Lock period | 30 days | 60 days |
| Section A fees | $1,200 | $1,100 |
Lender A looks cheaper. But if your closing is 50 days out, Lender A's 30-day lock will expire before closing — you'd need an extension (typically 0.125%–0.25% of the loan amount) or a re-lock at unknown future rates. Lender B's 60-day lock covers you through closing. On a $400,000 loan, Lender A's extension could cost $500–$1,000, erasing the apparent savings.
The rule: always compare estimates on the lock period you'll actually need.
How to normalize the comparison
Option 1: Ask for matching lock periods (best). Call or email each lender: "Please re-quote this on a 45-day lock." Lenders do this routinely. Get all estimates on the same lock period, ideally the same day.
Option 2: Adjust mentally for the lock premium. If you can't get matching quotes, subtract roughly 0.125% from the longer-lock rate for each extra 30 days of lock (or add it to the shorter-lock rate). This is approximate — the real premium varies by lender and market volatility — but it gets you closer than a raw comparison.
Option 3: Compare total cost including lock risk. For the shorter lock, add the likely extension cost to its cash-to-close. For the longer lock, the premium is already baked into the rate. Then compare.
Watch for these lock-related traps
- "Free" float periods. Some estimates show an unlocked rate with no lock period stated. An unlocked rate can change daily — it's a snapshot, not an offer. Don't compare it against a locked rate as if they're equivalent.
- Lock-and-shop timing. If you're still shopping, don't lock with anyone yet. Lock when you've chosen a lender and your closing timeline is firm.
- Weekend and holiday gaps. Lock periods count calendar days, not business days. A 30-day lock over Thanksgiving covers fewer working days for your lender to close.
- Re-lock policies differ. Ask each lender: what happens if the lock expires? Extension fee? Worst-case re-pricing? Get it in writing.
Methodology and limitations
Rate-lock pricing is set by each lender's secondary-market desk and varies daily with bond-market volatility; the 0.125%–0.25% premium range cited is a typical industry range, not a guarantee. Loan Estimate forms show the lock period and expiration at the top of page 1, but the dollar cost of the lock premium is embedded in the rate or points — it is not itemized. Rate data referenced is as of October 2026.
Reviewed by the LoanMate.ai editorial team.
Primary sources
- Consumer Financial Protection Bureau (CFPB): "What is a rate lock?" and the official Loan Estimate form
- CFPB's "Your Home Loan Toolkit" (lock expiration guidance)
Next action
Compare your Loan Estimates side by side → — upload the PDFs or enter the numbers manually. Free, no signup, runs entirely in your browser.