Some consumers are misled by advertising that quotes unrealistically low
rates based on 15- or 30-day lock durations. This is called ‘short-pricing.’
The lender basically knows the borrower doesn’t have time to meet their
conditions and have all the necessary paperwork in order within that brief
time period. As a result, the lender is not obligated to honor the low rate
that was listed in their advertising.

For simple refinance transactions, a 45-day lock-in period is more realistic.
For purchase transactions, which are typically much more complex, borrowers
are much safer going with a 60-day lock, even though the interest rate might
be a little higher than the rate they see quoted on billboards and the
Internet.

Borrowers should make sure they have a written rate lock agreement, and allow
themselves a reasonable amount of time to close their loan. I prefer to lock
in all my clients as soon as their application is filed, rather than gamble
with predicting short-term interest rate movement. My team and I focus more
on assisting clients with long-term goals and management of their mortgage
debt to secure a strong financial future.