A rate lock can expire after a certain period of time, but there are multiple options to choose from when locking a rate to prevent it from expiring before your closing date. Standard lock periods are 30, 45, or 60 days, but some lenders (including those in Morty’s marketplace) can offer extended rate locks of up to 150 days, depending on your circumstances. Choosing the right lock period will ultimately come down to your closing schedule and the type of property you’re purchasing.