A mortgage rate lock is a commitment to the lender that you will deliver the loan to the lender by a certain period of time at an established rate. The longer time frame for locking such as 30 days instead of 15 days means worse pricing. Once locked you are protected by increased pricing. If not locked you are playing the market and are subject to the risk of rising rates. For example today we have many people closing at 5.0% and some at 5.125%, 5.25% etc. Their rate at closing was determined in most cases at least 15 days ago. If you wanted to lock a rate today to close in the next 30 days at say 5% that would not be possible unless you wanted to buy down the rate or pay discount points.
Our advice today as always is to consult a mortgage professional you trust and can offer you exceptional rates. Having said that there is more to a mortgage than just the rate. Annual Percentage Rate for example is the Federal government's attempt to explain the true cost of credit. More on this another time.
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