Hello Buyerseller09!

Yes, when you make your offer on a home there is a field in the PA agreement of sale that you need to fill it that says the low and high interest rate you will agree to. So, If for some reason before the seller signs your offer and excepts it...and the interest rates go up then you do not have to purchase the home. Soon as the seller signs your offer....you mortgage company should lock your rate so then you do not need to worry about the interest rate moving from the time that your agreement gets accepted from the seller and the time that you go to settlement.

I hope this helps. I have other Home Buying Tips for PA buyers at my website...I do not cover your area but my video's cover all of PA.

Does it mean buyer can set a rate e.g. (5.2 % CONV) on DE form with an arrow drawing? Rate field is not there. Thanks. Please confirm on this.

Again this should all be taken care of in the agreement of sale. Usually this is part of a mortgage contingency, if you are using an FHA loan product as well the contract should also say the house must appraise at the price offered in the agreement of sale.