The lender may let you execute a rate lock break whereby you get a rate of 4.125% (an eighth over the prevailing market rate) at an additional cost in the way of discount points. In other words, you’ll wind up with a lower rate than what you originally locked, but you won’t get quite the lowest rate currently available, nor will you get it for free. There are nonrefundable fees, flat fees, and fees based on a percentage of the mortgage, among other variations. While shopping, verify that the rate lock is from the bank, mortgage lender, credit union, or other entity actually writing the loan -- not a broker, loan officer, or go-between. Your exact interest rate will depend on the date you lock your rate. Once you submit your signed purchase agreement, we’ll compare your rate to our published rates for that date and re-lock your interest rate at the lower of the two rates for an additional 40 to 60 days.