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In the video tutorial, Jennifer Hernandez explains whether an interest rate can change once it is locked. She clarifies that in most cases—around 96 to 97 percent—it does not change after locking. When a loan is locked, the company secures a mortgage bond on the borrower's behalf, which is tied to a specific property address and loan details. A written lock agreement is provided for protection against rising rates. However, if rates decrease after locking, the borrower cannot alter the agreement, similar to how stock purchases work; once the decision is made, it is final. Hernandez acknowledges that there are rare exceptions but focuses on the general rule of stability with locked rates.