When interest rates are falling, as they have been for most of the last 30 years, borrowers generally let their mortgage rate float until the last minute before committing. In a falling rate environment, there is no urgency to lock an interest rate. However, now that mortgage rates are rising (and projected to keep rising) and home values are increasing, savvy buyers are locking in rates as quickly as they can. Ordinarily, lenders won’t extend a rate lock for more than 60 days, but demand for this feature is so strong that some lenders are offering longer term rate locks to secure more business. Here are a few examples of interest rate locks offered by a banks:
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