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A rate lock is a period of time a lender will freeze a rate for a potential borrower. Generally, the shorter the rate lock period, the better rate you will receive. Rate locks are usually in place during the borrower’s application process. They may vary from fifteen to sixty days in most cases. At Hawk Mortgage Group, we can give you our opinion on whether or not we would lock into a rate. We base this partly on your target date for closing.
Key Indices Affecting Rate Lock:
• Treasury Auctions
• Fed Beige Book
• Retail Sales
• Weekly Unemployment Claims
• Industrial Production and Capacity Utilization
725 N. Hickory Avenue; Suite 200
Bel Air, MD
Office : 443-619-7900