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In this Q&A session, Sean Reynolds and Dan Chapman discuss the concept of locking an interest rate for a mortgage. Dan explains that locking an interest rate means securing it for a specific period, typically 30 days, guaranteeing that the borrower will not receive a rate worse than the locked rate. He mentions that borrowers can extend the lock if necessary and that while the locked rate ensures protection against increases, there’s a small chance it could improve. The discussion highlights the importance of understanding rate locks in the mortgage process.