Usually, you won’t see a fee in an initial rate lock. This is often baked into the rate itself. Where you may have to pay extra is to extend your rate lock or re-lock it after the initial period has expired. Lenders may charge a fee to extend or re-lock your rate in the form of mortgage points, increasing the rate slightly. Rate lock policies on fees, initial time period and extensions can vary between financial institutions and loan type, so ask your lender for the specifics around locking your rate when you’re considering it.