What if the interest rates change while I am making my application?

You will be subject to the prevailing rates when you close. However, most lenders allow you to “lock-in” your rate within a certain period of time after your application. If you lock-in your rate, your loan will be at the rate when you locked in and you will not be required to pay a higher rate if the rates go up before you close. Of course you usually won’t benefit from a decrease in rates either.