How long are mortgage rate locks good for?

[TheFied]

A friend of mine is closing next month and his mortgage lender (a preferred vender of his builder) supposedly locked him in yesterday but he doesn't close until July 18. I told him that I thought mortgage rate locks were good for 30 days. True? I told him that I would not want the rate lock until 3 weeks before his close if that was the case to give him a week runway in case closing gets moved back. Thoughts?

 

[GatorDave]

I believe it varies between lenders. Some are 30 days, 60 days, 90, etc. You just have to ask your particular lender.

 

[veggieboy]

It can vary by lender, but rates are trending up right now, so it might be best for him to lock in asap.

 

[TheFied]

I have noticed that. Any guess what the ceiling might be? I mean, when was the last time interest rates on 30 year fixed mortgages were above 7%? We are currently around 6 3/8% if not more.

 

[madscientist]

you can lock in from 10 to 90 days, or up to 180 on new construction. the longer the lock is good for, the less yield spread it will pay or conversely the higher rate it will be.