Locking in your mortgage interest rate can be a game and a gamble.   Locking in at the lowest rate available prior to the closing is like beating the house at three card stud. I, being a mortgage broker with an MBA in Finance, like to think I can read the market and find the perfect window to lock in my clients’ rates.  My educated guesses are right on the money most of the time.  My client will never get a higher interest rate based on my poor judgment.   The banks have taken away this gambling process; which I really did enjoy.  Many of the lenders are making you lock in the rate for at least 30 days minimum.  If they do not receive the loan file within 8 days, the loan is deleted from the pipeline. The complete loan file must be in house prior to 15 days of closing. So many rules.  MANY BANKS ARE DOING AWAY WITH EXTENDING LOCK IN’S.  This means that you can buy more time with the same rate. They are now expiring the interest rate and giving you the worst case pricing when you have to relock you rate.  The reason I am writing about this today, it to let borrowers be aware that they should not jump to lock in a rate so fast. With interest rates being so volatile, it is hard not to want lock in very far ahead.  However, by doing so, you might lose the loan if it does not close in time.  Banks are saying that they are doing this because if high volume.  I believe that they are doing this to cover their own spreads in this crazy market. Loans are taking longer to get approved and cleared.  The stress factor alone can lead to mistakes and lost locks.  The bottom line:  Be aware and make sure you loan officer of the lock in requirements before you jump.  –      Dale Siegel