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In this tutorial, Jennifer Hernandez explains that once a mortgage interest rate is locked, it typically does not change, with 96-97% of cases confirming this stability. Once the loan is locked, the lender secures a mortgage bond tied to the specific property address, loan amount, and expiration date. A lock agreement is provided in writing, ensuring protection against rate increases. However, if interest rates decrease after locking, the borrower cannot change their decision, similar to how stock purchases are finalized. While there are rare exceptions, the general rule is that locked rates remain fixed.
