What is the primary benefit of a mortgage rate lock for borrowers?

The primary benefit of a mortgage rate lock for borrowers is that it protects them from rising interest rates before closing. This means that once a borrower locks in their interest rate, it cannot increase, even if market conditions change and rates rise before the loan is finalized. This is particularly advantageous in a fluctuating interest rate environment, as it provides financial security and predictability regarding monthly mortgage payments. By locking in a rate, borrowers can budget more effectively and avoid the potential for higher costs associated with increased interest rates.

The other choices do not accurately reflect the core advantage of a rate lock. While lower closing costs can be a factor in some mortgage agreements, they are not a direct result of a rate lock. Immediate loan approval and the flexibility to change lenders are unrelated to the concept of locking a rate, which primarily focuses on the security of the interest rate itself until the loan is completed.