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A mortgage rate lock is an offer made by a lender to protect you from rising interest rates for a specified period of time. The lock guarantees that your interest rate will not change for the specified period of time, such as three or five years. If you intend to obtain or refinance a mortgage with a fixed monthly payment, a mortgage rate lock could ensure you protect the rate prior to settlement. Here are a few things to consider before locking in a new interest rate.
