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Sean Reynolds from Summit Properties Northwest and Dan Chapman from Fairway Independent Mortgage discuss the concept of locking in an interest rate. Locking in a rate means securing a specific interest rate for a mortgage loan over a predetermined period, typically 30 days, guaranteeing that the borrower will not pay a higher rate. If necessary, the borrower can extend the lock period. While the locked rate cannot worsen, there is a slight chance it may improve. The discussion emphasizes the importance of understanding the locking process and its implications for potential mortgage holders.