Lock or Float Your Mortgage Rate in Midlothian, TX?

Last updated November 11, 2026. By Steven J. Thomas, Broker, Refind Realty DFW · Loan Officer, Envision Home Lenders, NMLS #689220

Rates finally moved in the right direction this fall, and that makes floating tempting. Before you tell your lender to wait, put real dollars on both outcomes.

Should I lock my mortgage rate now or wait for rates to drop?

Lock once you have a signed contract and a payment you can carry. A lock protects your rate until closing. Floating only pays if rates fall before you lock and you lock at the right moment. If rates rise instead, you pay the higher rate for the life of the loan or until you refinance.

What have mortgage rates done this fall?

They came down from a peak. The Freddie Mac 30-year average was 7.40% on October 8 and October 15, then 7.32%, 7.24% and 7.18% on November 5, 2026 (Freddie Mac PMMS). That is 22 basis points lower than the peak. A year ago the same survey read 6.22%, so rates are still 96 basis points higher than last November.

The Federal Reserve held its target range at 3.75% to 4.00% on October 28, and two members voted for an increase. The statement said, "Inflation remains elevated" (Federal Reserve, October 28, 2026). Three weeks of declines don't tell you where week four lands.

How much does a rate move change a Midlothian payment?

The median Midlothian home sold for $450,000 in October 2026 (RPR, NTREIS data). With 20% down, you borrow $360,000. Here is what principal and interest looks like at nearby rates:

Scenario ($360,000 loan, 30-year fixed)	Rate	Principal and interest	APR	vs. today
Quarter point lower	6.93%	$2,378	7.00%	−$61
Today (Nov 5 average)	7.18%	$2,439	7.25%	—
Back to the October peak	7.40%	$2,493	7.47%	+$54
Quarter point higher	7.43%	$2,500	7.50%	+$61

Example math, not a rate quote. The APR assumes $1,495 in lender fees, no points, 15 days of prepaid interest and no mortgage insurance. Payments exclude taxes, insurance and HOA dues. Your rate depends on credit, down payment, loan type and the day you lock.

The upside and the downside are about the same size. A quarter-point drop saves about $61 a month. A quarter-point rise costs about $61 a month. Floating is a coin flip with your payment.

When does floating my rate make sense?

Floating can make sense in two cases. First, when you are not under contract yet and have no closing date. There is nothing to lock. Second, when your budget can absorb a higher payment and your closing is weeks away. If a $61 swing would break your budget or your approval, lock.

A rate change can also change what you qualify for. See what a rate change does to a pre-approval.

What if rates drop after I lock?

Ask your lender about a float-down option before you lock. Some locks allow a one-time move to a lower rate if the market drops by a set amount. Terms and costs vary by lender, so get them in writing. If rates fall a lot after closing, a refinance is the other path. Run the closing costs against the monthly savings first.

How long should my rate lock last?

Long enough to cover your closing date with a few days to spare. Resale purchases often close in 30 to 45 days. New construction can take months, and longer locks usually cost more. If your build slips past your lock, read what a rate lock extension costs on a Midlothian build.

How much negotiating room do Midlothian buyers have?

Some. Midlothian had 5.48 months of inventory in October 2026, and the median home took 53 days to sell (RPR). Homes closed at 98.1% of their final list price. On a $450,000 final asking price, that is about $8,550 under. A seller credit toward a buydown is a lower rate you can negotiate today, instead of one you wait for. For the price trend, see whether Midlothian home prices are dropping.

What should a Midlothian buyer do this week?

1. Get pre-approved at today's rate so you know your real payment.
2. Ask your lender how long a lock lasts, what it costs, and whether a float-down is available.
3. Write your offer, then lock the day you have a signed contract and a payment that works.
4. Treat a future rate drop as a refinance option, not as your plan.

Know your numbers before you pick a house. Get pre-approved for your Midlothian home in minutes.

FAQ: locking a mortgage rate in Midlothian

Can I lock a rate before I find a house?

Most lenders lock a rate only on a specific property under contract. Some offer lock-and-shop programs, so ask your lender what it offers and what it costs.

Does locking my rate cost money?

A standard lock period is often included in your loan pricing. Longer locks and float-down options usually carry a cost. Ask for it in writing on your Loan Estimate.

What happens if my rate lock expires before closing?

You may pay an extension fee or re-lock at the current market rate, which could be higher. Pick a lock period that covers your closing date with a buffer.

Will rates keep falling in Midlothian?

Nobody knows. The Freddie Mac average is a national number, not a Midlothian one. They fell three weeks in a row through November 5, 2026, and the Fed said inflation remains elevated. Plan around a payment you can carry today.

When does the next Freddie Mac rate survey come out?

Freddie Mac publishes its survey every Thursday. The next one is November 12, 2026.

About the author. Steven J. Thomas holds a financial planning degree from Baylor University and has more than 20 years in financial services. He is a Loan Officer at Envision Home Lenders (NMLS #689220) and the Broker at Refind Realty DFW (TREC Broker License #0657467), based in DeSoto, TX. Call or text 972-846-9170.

Data is based on current conditions and is not a guarantee of future prices, rates or outcomes. Rate and payment figures are examples, not a loan offer, rate quote or loan approval. Loan approval is subject to credit, income, property and program guidelines. Envision Home Lenders, NMLS #689220 (loan officer). The Texas Real Estate Commission's Information About Brokerage Services and Consumer Protection Notice are available on request. Equal housing opportunity.