Scottsdale Mortgage Rate Lock Guide 2026 | Roadrunner
In a fluctuating interest rate environment, a mortgage rate lock is one of a homebuyer's most important tools. It provides protection and peace of mind during the home loan process. This guide explains what a rate lock is and how to use it strategically in the Scottsdale market.
What is a Mortgage Rate Lock?
A rate lock is a guarantee from a lender to hold a specific interest rate for you for a set period of time, typically 30 to 60 days. This protects you from any potential increases in market interest rates between the time your offer on a home is accepted and the day you close on your loan. Once you are locked, your rate will not change, provided you close within the specified timeframe and there are no major changes to your loan application.
When Should You Lock Your Rate?
The ideal time to lock your rate is after your offer on a home has been accepted and you are officially under contract. At this point, you have a clear timeline for closing. Locking too early can be risky, as the lock could expire before you find a property. This is why getting a solid pre-approval is so important first.
What if Rates Go Down After I Lock?
This is a common concern. Some loan programs offer a 'float-down' option. This allows you to take advantage of a drop in interest rates if one occurs during your lock period. There may be a small fee for this feature, but it provides valuable protection against 'buyer's remorse' if rates improve. Be sure to ask about this option when you are ready to lock.
Market conditions are always changing. To get the most up-to-date rate information and a personalized strategy, start your pre-approval now with me, Jonathan Moses.
Jonathan Moses
Senior Loan Officer | NMLS #2064741
This guide was prepared by Jonathan Moses (NMLS #2064741), the senior loan officer and founder of Roadrunner AZ Lending. With years of experience in the Phoenix and Scottsdale markets, Jonathan is dedicated to providing expert, transparent advice. Learn more about Jonathan.