Real Estate
Mortgage Rate Lock Calculator
Rate locks protect you if rates rise but penalize you if they drop. Float-down options give flexibility for a fee.
Effective rate
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- Lock cost
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- 30-yr extra cost
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- Break-even if rates drop
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FAQ
Should I lock or float? +
Lock when closing within 30 days OR rates trending up. Float when closing 60+ days out AND rates trending down.
Float-down rules? +
Most lenders allow ONE float-down per lock if rates drop 0.125-0.25% before close. Always read the fine print.