If you are watching mortgage refinance rates today, it is normal to feel pressure to time everything perfectly. Most homeowners do not need a perfect call, they need a clear process.
This guide will help you decide when to float and when to lock, based on your timeline, your budget, and your comfort with risk. The goal is not to predict every market move. The goal is to make a confident, informed decision you can live with.
Why refinance rate quotes move daily (and what that means for you)
Mortgage refinance interest rates often change daily, and sometimes more than once in the same day. Lenders update pricing as broader bond markets move, as investor demand changes, and as lender pipelines fill or slow down.
For borrowers, this means two important things:
A quote is a snapshot, not a promise, until you lock.
Comparing refinance rates requires the same day, same assumptions, and the same loan scenario.
If you look at a mortgage refinance rates chart over weeks or months, you can spot trends. But charts usually do not show your exact credit profile, equity position, loan size, occupancy type, or fee structure. Use charts for context, not as a guarantee of what your final offer will be.
For a deeper look at why market policy matters, read The Impact of Federal Reserve Policies on Refinancing Rates.
What a rate lock covers: duration, points, lender credits, and fees
A rate lock is typically an agreement that holds specific pricing terms for a defined period, often 15, 30, 45, or 60 days. The exact terms and deadlines vary by lender.
A lock usually includes:
Interest rate
Lock period (expiration date)
Points or discount fees tied to that rate
Lender credits, if offered
Certain lender fees tied to the quote
A lock may not protect every cost in your final cash-to-close. Third-party fees can still change, and requirements vary by lender and program.
Before you lock, ask for an updated loan estimate and confirm:
The exact lock expiration date
What happens if closing is delayed
Whether a lock extension is available, and its cost
Whether float-down options exist if rates improve
If you want a refresher on reading offers line by line, this is useful: Unlocking Savings: Understanding Mortgage Refinance Quotes.
Float vs lock: timeline, risk tolerance, and budget triggers
The float vs lock decision is often less about forecasting and more about constraints.
A practical framework:
Float may fit if you have time before closing, can tolerate payment uncertainty, and have room in your budget if rates rise.
Lock may fit if your closing is close, your budget is tight, or your refinance only works above a specific payment target.
Set your trigger before emotions take over. For example:
“If this rate keeps my payment at or below $X, I will lock.”
“If closing is within 21 days, I will lock.”
“If points rise above Y% of loan amount, I will re-quote and compare.”
If you are still deciding whether now is the right moment to refinance at all, review How to Determine the Best Time to Refinance Your Mortgage.
Compare lenders with APR and credits, not just the headline rate
A lower advertised rate can come with higher points or fewer credits. Another lender may show a slightly higher rate but a better total cost over your expected time in the home.
When comparing refinance rates, line up these items side by side:
APR is not perfect, but it helps normalize costs across offers. Credits can also matter if you want to reduce upfront cash. The right combination depends on how long you expect to keep the loan.
If you track offers, keep your own mini mortgage refinance rates chart with the quote date, lender, rate, APR, points, and total closing costs. This helps you spot meaningful differences quickly.
A simple lock decision checklist you can use today
Use this quick checklist before committing:
Confirm your target outcome, lower payment, shorter term, cash flow flexibility, or total interest savings.
Gather at least 3 same-day quotes with matching loan assumptions.
Compare APR, points, credits, and estimated cash-to-close, not just rate.
Set a lock trigger tied to your budget and timeline.
Verify lock terms in writing, including expiration and extension cost.
Ask what changes if closing slips past the lock date.
Re-check your break-even based on the final offer.
Copy-and-send lender questions
You can paste these into email:
“Please send today’s quote with rate, APR, points, lender credits, and estimated closing costs for this exact scenario.”
“If I lock today, what is the lock period and expiration date?”
“If closing is delayed, what are lock extension options and fees?”
“Do you offer a float-down after lock, and if so, what are the terms?”
“Can you provide the break-even point for this offer based on total refinance costs?”
A steady process can beat a perfect prediction. If you want to test payment scenarios quickly, use our refinance calculator and decide with real numbers, not guesswork.
