Why locks expire
A rate lock holds pricing for a set number of days, commonly 30 to 60. If closing is delayed by appraisal, title, repairs or missing documents, the lock can expire before the loan funds.
Extensions
Many lenders let you extend a lock for a number of days at a cost, often expressed as a small fraction of the loan amount or a price adjustment. Ask in advance how extensions are priced and who pays if the delay is the lender's fault.
What happens when a rate lock is about to expire, and the options lenders commonly offer.
Relocking
If a lock expires, the lender may relock at current market pricing or at the worse of the original and current pricing, depending on its policy. Get the policy in writing.
Float-downs
Some lenders offer a one-time option to capture improved pricing if the market moves enough after you lock. The option may carry a fee or a minimum improvement threshold.
Avoiding problems
Choose a lock length that matches a realistic closing date, send documents promptly, schedule the appraisal quickly, and confirm the lock expiration date in writing. Your Loan Estimate shows whether the rate is locked and until when.
Questions to ask before locking
How many days does the lock cover, and what does each extension cost? Is there a float-down option, and what does it require? What happens if the appraisal or title work causes a delay? Will I receive a revised Loan Estimate when I lock? Asking these questions at the start makes it much easier to plan the closing date and avoid paying for an extension you did not expect.
Sources
Sources checked 10/23/2026. General education only; confirm current rules with official sources and a licensed lender.