Updated November 2026 · Reviewed by Joel Lobb, Senior Loan Officer, NMLS #57916, EVO Mortgage
A rate lock guarantees your interest rate and points for a set time, usually 30 to 60 days, while your loan closes. Most Kentucky purchases lock once you have an accepted offer and close in 30 to 45 days; KHC loans use a 45-day lock. Longer locks cost a little more, and changing your loan amount, credit, property or program can reprice the lock.
How a rate lock works
Mortgage rates change every business day, sometimes several times a day. A lock is the lender's written commitment to a specific rate and price (points or credits) for a set number of days. If rates rise before you close, you keep your locked rate. If they fall, you generally keep your locked rate too, unless you have a float-down option.
Your lock should be in writing. The rate, lock date and expiration date appear on your lock confirmation and your updated Loan Estimate.
Common lock lengths
| Lock length | Typical use | Cost |
|---|
| 15–21 days | Refinances or a file that's already approved | Best pricing |
| 30 days | Most Kentucky purchases with a 30-day closing | Standard |
| 45 days | Purchases with longer closings; required for KHC loans | Slightly higher |
| 60+ days | New construction or slow closings | Higher; extended locks for new construction cost more |
KHC rates also change daily and are locked for 45 days through a KHC-approved lender. Estimate a KHC payment with the KHC down payment assistance calculator.
When to lock
- Buying: lock after your offer is accepted and you've picked the loan program. A pre-approval alone isn't a lock.
- Match the lock to the closing date plus a few days of cushion for appraisal or title delays.
- Don't try to time the market. Rates can move a quarter-point in a week. If the payment works today, a lock removes the risk.
What can change a locked rate
A lock covers the loan as it was locked. These changes can reprice it:
- Your credit score drops after a new pull
- Loan amount or down payment changes
- A different loan program (FHA to Conventional, for example)
- Property type or occupancy changes (condo, 2–4 unit, investment)
- Appraisal comes in low and the loan-to-value changes
If your lock expires
If closing slips past the expiration date, the lender can extend the lock for a fee, usually a fraction of a point, or relock. A relock is normally at the worse of your original rate and the current market. Getting documents in quickly is the best protection. Use the Kentucky mortgage document checklist to have everything ready on day one.
Float-downs
Some lenders offer a one-time float-down: if rates drop meaningfully after you lock, you can move to the lower rate once, sometimes for a fee. Ask whether it's available before you lock, because it usually can't be added later.
Points and lender credits
Every rate has a price. One discount point costs 1% of the loan amount and typically lowers the rate by a fraction of a percent. Lender credits do the reverse: a slightly higher rate in exchange for help with closing costs. Points and credits are locked along with the rate. Weigh them against how long you'll keep the loan; see Kentucky closing costs explained.
Not sure where you stand?
Send me your situation and I'll tell you which Kentucky loan fits and what it takes to get approved. Start a free pre-approval review or call or text 502-905-3708.
Frequently asked questions
How long does a mortgage rate lock last in Kentucky?
Most purchase locks are 30 or 45 days, matched to the closing date. KHC loans use a 45-day lock. Longer locks are available for new construction but cost more.
Does it cost money to lock a mortgage rate?
Standard 30 to 45 day locks are usually built into the rate. Longer locks and extensions cost more, often a fraction of a point.
What happens if my rate lock expires before closing?
The lender can extend the lock for a fee or relock the loan. A relock is usually priced at the worse of your original rate and the current market rate.
Can my locked rate change?
Yes, if the loan changes. A lower credit score, a different loan amount, program, property type or occupancy, or a low appraisal can reprice a locked rate.
When should I lock my mortgage rate?
Lock after your purchase offer is accepted and you have chosen your loan program, with enough days to cover your closing date plus a small cushion.
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General information, not a commitment to lend. Guidelines change and lenders may add overlays; your approval depends on full credit, income, asset and property review. Joel Lobb, NMLS #57916, EVO Mortgage, Company NMLS #1738461, 10602 Timberwood Cir Ste 3, Louisville, KY 40223. Equal Housing Opportunity.
