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In the video tutorial, Jennifer Hernandez explains the concept of locking interest rates on loans. She clarifies that once a loan is locked—generally about 95-97% of the time—the interest rate does not change. The mortgage bond is secured on behalf of the borrower, tied specifically to the property address, loan amount, and expiration date. A lock agreement is provided in writing to protect the borrower against rising rates. However, if rates decrease after locking, the borrower cannot change the agreement, similar to stock purchases where one cannot retract a buy decision. There are rare exceptions to this rule, but they are not the norm.