I am not a mortgage banker or broker but with my 20 years of experience as a real estate agent I can tell you that...
With a fixed mortgage the interest rate never changes after the loan is consummated. When you apply for a loan the bank will tell you what type of rate they can offer you on that day based on the prevailing rate at that time. Once you submit an application, you can choose to "lock-in" that rate immediately or let the rate be set 3 days prior to the closing. People who do not lock-in do so because they feel confident that rates will not go up and/or go down. People who are concerned that rates may go up, lock-in. The thing is that when you lock-in, you have to pay a lock-in fee which typically is credited back to you at the closing table. Also, when you lock-in you do so for better or worse, in other words, if the rates go down, you are stuck with the higher rate (unless you want to lose the lock-in fee and go with the lower rate.
The only mortgages with a rate that changes after the closing are adjustable type mortgages. If I can be of further assistance please contact me direct. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783