10/29/2026
A rate lock is exactly what it sounds like: your lender holds your quoted interest rate for a set window, most commonly 30 to 60 days, while your loan moves from application to closing. Lock and the rate is yours even if market rates climb before you close. Float and you're betting rates fall, and if they don't, your budget absorbs the difference. With 30-year fixed rates running in the low-to-mid 7% range as of late October, the stakes are real.
What a lock protects: your quoted rate, for the lock period. What it usually does NOT protect: you, if closing slips past the lock expiration. Extensions are often possible but may carry a fee, so build realistic timing into your contract.
Ask your lender before you lock:
- How long is the lock, and what does it cost?
- Is there a float-down option if rates drop before closing?
- What happens, and what does it cost, if closing is delayed?
The other half: the 2-1 temporary buydown. The seller or builder contributes funds that lower your payment by 2% the first year and 1% the second, before the note rate returns to full in year three. On a roughly $303,000 San Antonio median-priced home, that escrow deposit can run in the neighborhood of $6,500 to $7,000. Genuine payment relief, but temporary: run the numbers at the full payment, not just year one.
Negotiation note for this market: with about six months of inventory and homes averaging around 88 days on market, sellers have real motivation to make deals work. A seller-paid buydown or a closing-cost credit is a legitimate ask, and it belongs in your written offer.
Big picture: a lock manages your risk during the transaction. A buydown manages your first two years of payments. Neither fixes a payment you can't afford at the full rate.
General education only, not lending or financial advice: terms vary by lender, loan, and day. Confirm with your licensed mortgage lender early.
Michelle Doerr brings 33+ years of San Antonio real estate experience to help you plan the whole move, offer to closing. Message her here, call 210-826-3134, or visit www.michellesellssanantonio.com.
Find your dream home or sell your San Antonio property with Michelle Doerr. Expert guidance, local market insight, and personalized service for buyers and sellers.