And there are always all kinds of reasons why that locked-in rate is unavailable by the time they get to closing. As interest rates rise, so do rate-lock complaints. Patricia Cunningham, Consumer Affairs Manager at the Illinois Office of Banks and Real Estate, says that in 1994, when interest rates were high, more than 600 rate-lock complaints came in. In 1996, with interest rates back up again, the number of complaints also rebounded. We are not a lender or broker.
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