The Pros and Cons of Mortgage Rate Locks

If you’re just jumping into the game of home purchasing, you are likely considering all of your loan options and may even have heard the term mortgage rate lock. For those who don’t like to gamble, a mortgage rate lock can offer a bit of reassurance, but there are also some downsides to this type of protection. Before signing off on this, here are the details on rate locks so you can make an informed decision.

What Is A Rate Lock?

For many people who are buying a home in such a tumultuous market, the idea of interest rates can make the heart race a little faster, but this is the purpose of rate locks which offer consistency in a market in flux.

Instead of having to deal with day-to-day fluctuations of the rate which increases or decreases what you owe a rate lock is a lender promise that you will be held to a specific rate or your rate will not rise above a certain number.

Easy Balancing Of The Budget

The easy thing about utilizing the rate lock, especially for a buyer who is less familiar with the market, is that it will enable you to instantly determine your monthly payments based on that rate. Instead of having to pay more per month, you’ll be able to estimate exactly what your payment will be and it won’t rise above the limit you’ve set for yourself. While daily fluctuations can be a drag, a mortgage lock takes the guesswork out of the day-to-day.

The Added Cost Of Security

It might seem like a rate lock is an option that everyone would utilize, given the stability, but lenders charge for this type of offer because of the risk factor. While lenders can certainly stand to gain if your rate lock is higher than the interest rates, in the event that they rise beyond this point, they will end up losing money. So, while a 30-day rate lock may not end up costing you, this type of lock stretched over a longer period may actually end up costing you more than fluctuating rates.

If you’re not familiar with the world of investing and interest rates, a mortgage rate lock can sound like a great idea; however, there are downsides to this offer and they’re worth considering before getting locked in. If you are currently on the hunt for a home, give me a call for more information – J.P. Cook – 602-320-4253.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

13629 W San Miguel Avenue Litchfield Park, AZ 85340

$610,000

4 Beds

2 Baths

2,408 SqFt

Status Active

MLS # 6771095

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 2-bath home in Litchfield Park is packed with modern upgrades and features a dream backyard! The family room has custom accents and a Bose surround sound system, connecting seamlessly to the dining area and updated kitchen with granite countertops, stainless steel appliances, and new cabinet fronts. The bonus room at the front can be used as a den, study, or formal dining space. Main bathroom custom barn door, an oversized shower, dual sinks, and a walk-in closet. Outside, the backyard oasis is perfect for year-round entertaining, featuring lush landscaping, an great covered patio with pavers, and a custom natural gas fire pit ideal for cool evenings. The Pebble Tec pool, complete with a natural rock waterfall, to complete the serene atmosphere.

View Property

3055 N Red Mountain Unit 122 Mesa, AZ 85207

$610,000

3 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6778173

Property Type Single Family Residence

Price Type --

Convenience at its best! This 3-bedroom, 2-bathroom home is located in a peaceful, gated community. Perfect as a primary residence or investment property, this home is ideally situated just minutes from the 202 freeway, shopping, restaurants, Salt River, and Saguaro Lake. Inside, you'll find beautiful wood tile plank flooring, vaulted ceilings, large windows, and updated lighting throughout. The split primary bedroom includes a walk-in closet and full bath. The pass-through kitchen has white cabinetry, granite countertops, and a stylish tile backsplash. Refrigerator, washer, and dryer convey with the home. The private, low-maintenance backyard includes turf, a large paver patio, a watering system, and a covered patio, all backing up to a secluded lot with a wash behind for extra privacy!

View Property

2501 E Mitchell Drive Phoenix, AZ 85016

$610,000

3 Beds

3 Baths

2,157 SqFt

Status Active

MLS # 6778953

Property Type Townhouse

Price Type --

Rare opportunity in Sutton Place, a private gated community brimming with historic charm and home to 47 Mediterranean-inspired townhomes. This north/south-facing end-unit townhome offers 3 bedrooms, 3 bathrooms, and 2,157 square feet of living space. Welcoming you with exceptional curb appeal, the front yard features desert landscaping and decorative tilework. Inside, a spacious main living room invites you with the warmth of oak wood flooring, leading to a formal dining room ideal for entertaining. The updated kitchen includes stainless steel appliances, quartz countertops, tiled backsplash, and custom maple cabinetry that combines both function and modern style. The primary bedroom, located on the main floor for ultimate convenience, offers direct access to the backyard. Upstairs, you'll find a recently remodeled bathroom and a third bedroom with its own private balcony. Enjoy worry-free living with major updates already completed: a new HVAC system (2020), upgraded electrical panel (2021), and a recently recoated roof (2024). Great Phoenix location - just minutes from Biltmore Fashion Park and Arcadia plus nearby freeways providing easy access to Sky Harbor and the rest of the Valley!

View Property

18101 N Key Estrella Drive Surprise, AZ 85374

$610,000

3 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6777960

Property Type Single Family Residence

Price Type --

Welcome to this delightful residence on a coveted golf course lot! You're greeted by a 2-car garage, a tasteful desert landscape, and a welcoming courtyard. The appealing open layout has high ceilings, an earth-tone palette, plantation shutters, and tile flooring. The gourmet kitchen comes with tile counters with a matching backsplash, wood cabinetry with crown moulding, pendant/recessed lighting, SS appliances, and a two-tier peninsula with a breakfast bar. You'll also find a cozy den ideal for a workspace or lounge. The main bedroom showcases soft carpeting, a sitting nook, an ensuite with double sinks, and a walk-in closet. You'll also find a separate guest house for visiting loved ones. The backyard is complete with a covered patio and serene views of the golf course. Make it yours!

View Property

2925 W Lynx Drive San Tan Valley, AZ 85144

$610,000

3 Beds

2.5 Baths

2,357 SqFt

Status Active

MLS # 6782690

Property Type Single Family Residence

Price Type --

Welcome to this beautiful, newer home in the desirable Promenade by Fulton Homes! This spacious 3-bedroom + office features an open floor plan, ideal for modern living. The kitchen is a standout with sleek finishes and ample storage, while the built-in fireplace adds warmth and charm to the living space. Enjoy the convenience of a built-in mudroom area, keeping your home organized. The 4-car tandem garage offers plenty of room for vehicles and storage. With no front yard neighbors, you'll enjoy added privacy. Community amenities include a pool, parks, volleyball, basketball, and pickle ball courts, plus you're close to hiking, shopping, and the new Pecan Lake Entertainment. This home offers the perfect balance of comfort and convenience!

View Property

20750 N 87th Street Unit 2142 Scottsdale, AZ 85255

$610,000

2 Beds

2 Baths

1,356 SqFt

Status Active

MLS # 6785238

Property Type Apartment

Price Type --

Prestigious Encore at Grayhawk 2-bedroom, 2-bath with 2 car garage overlooking lush open space with mature trees. Beautiful cul-de-sac location in center of community. Great room floor plan with gas fireplace, open to kitchen with stainless appliances, gas range, granite countertops, spacious pantry and breakfast bar. Master suite has own balcony, large walk-in closet, double sink vanity, garden tub and shower. Private and tranquil on both balconies. Washer, dryer and all appliances included. 2 car garage directly below unit with direct access. Lightly lived in and in excellent condition. Close to community pool, fitness center, clubhouse, Grayhawk Golf Club, Isabella's Restaurant, MoJo's, Quill Creek Restaurant, DC Ranch Market Street, and more. See Floor Plan in Photos.

View Property

2412 W Crimson Terrace Phoenix, AZ 85085

$610,000

3 Beds

2 Baths

2,131 SqFt

Status Active

MLS # 6785687

Property Type Single Family Residence

Price Type --

Discover the charm of this exquisite 2,131 sq ft home in the desirable Carefree Crossings community. Ideally located just 5 miles from the TSMC Semiconductor plant, it offers the perfect balance of work and relaxation. Enjoy panoramic mountain views, stunning sunsets, and star-gazing under clear desert skies, free from city lights. In spring, watch hot air balloons drift by. The resort-style backyard features a sparkling pool with pencil jet waterfalls, ideal for entertaining or relaxing. With easy access to Sedona and Flagstaff, weekend getaways are shorter drive, saving you time for the adventures you love. Perfect for both peaceful retreats and lively gatherings!

View Property

1914 N San Luis Circle Sierra Vista, AZ 85635

$610,000

3 Beds

3 Baths

2,965 SqFt

Status Active Under Contract

MLS # 6784470

Property Type Single Family Residence

Price Type --

Welcome to the Hexagon Home, an unique Pearl Certified SIP Home (Structural Insulated Panels) with 8'' layered external walls. Three bedrooms, two and a half bathrooms, plus a large bonus room. The home has a living area of 2,965 sqft surrounding a 2,700 sqft enclosed courtyard, with a total of 6,150 sqft of everything between the exterior walls. Features include a two car attached garage with RV port, 6' deep pool with water feature, Trex Decking and water capturing system in courtyard, handmade redwood doors, indirect and recessed lighting throughout the home, gourmet kitchen with leathered granite, 36'' oven and stove vent with heat rack, red oak cabinets, 10' and 18' ceilings, glazed dual pane windows, German Blackout rolling shutters, rustic chestnut Pergo floors and gas fireplace There are two new furnaces and AC units, two new 40 gallon water heaters, walk in jetted jacuzzi tub, stained glass window coverings in a cathedral style third bedroom, amazing views of Fort Huachuca and five named mountain ranges. This is a one of a kind enchanting home, see it today!

View Property

16005 W Shaw Butte Drive Surprise, AZ 85379

$610,000

4 Beds

3 Baths

2,977 SqFt

Status Active

MLS # 6778086

Property Type Single Family Residence

Price Type --

Stunning model home featuring 4 bedrooms, 3 bathrooms, a den/office, a loft, and a spacious 3-car garage. This energy-efficient residence boasts an open floor plan, a formal family room, and prewired surround sound. Enjoy an abundance of cabinets with crown molding, elegant quartz countertops, a gas cooktop, and top-of-the-line stainless steel appliances. The wood-like tile flooring runs throughout, complemented by plantation shutters. The master suite includes dual sinks, a walk-in closet, and a luxurious walk-in shower. Outside, you'll find beautifully manicured landscaping and an inviting exterior fireplace, perfect for relaxing Arizona evenings. Spacious backyard awaits, complete w/a covered patio and an exterior fireplace. Don't miss it!

View Property

15409 W Corrine Drive Surprise, AZ 85379

$610,000

4 Beds

2.5 Baths

2,990 SqFt

Status Active

MLS # 6767241

Property Type Single Family Residence

Price Type --

Spacious 4-bed, 2.5-bath, 2-story home on a corner lot in the desirable community of Marley Park! This home features a wrap-around balcony and porch, large rear patio with built in BBQ perfect for enjoying outdoor living. Inside, you'll find a generous loft upstairs, while the primary suite is conveniently located on the first floor, complete with a separate den/office for added privacy. The backyard boasts a sparkling pool, ideal for relaxation and entertaining. With a 2-car garage and leased solar panels for energy efficiency, this home offers both style and sustainability. Don't miss out on this beautiful property!

View Property

1419 California Drive Chino Valley, AZ 86323

$610,000

3 Beds

2 Baths

1,937 SqFt

Status Active

MLS # 6651628

Property Type Single Family Residence

Price Type --

This stunning single-level home in the Chino Valley is a hidden treasure, surpassing the allure of new constructions. Its flawless design and meticulous layout make it a true gem. Boasting 3 bedrooms, 2 baths, and a 2-car garage, this spacious abode offers everything you need. As you step inside, the open and airy ambiance, created by the high-volume ceilings, instantly embraces you, making you feel right at home. In summary, this single-level home surpasses expectations with its impeccable design, thoughtful layout, and luxurious features. It is a haven of comfort and elegance, offering a true sense of home. This remarkable home goes above and beyond with its thoughtful features and attention to detail. Each of the 3 bedrooms boasts its own spacious closet, ensuring ample storage

View Property

1023 E Fairmont Drive Tempe, AZ 85282

$610,000

4 Beds

2 Baths

1,761 SqFt

Status Active

MLS # 6673927

Property Type Single Family Residence

Price Type --

Near ASU and downtown Tempe this charming 4-bedroom, 2-bath home featuring a 2-car garage and RV gated/storage area that is covered with access from front and back. This residence boasts a perfectly flowing layout showcasing tile and wood vinyl flooring, soothing color palette and plantation shutters. The kitchen connects to the living and dining areas with oak cabinetry, a mosaic backsplash, stainless steel appliances, induction oven, modern track lighting and sleek quartz counters. A/C unit is 3 yrs old. French doors lead to a covered patio. Entertaining will be a breeze on the patio with rope lighting or near the fire pit. Home includes security doors and roller shields in rear. New sewer lines in past few yrs.

View Property