How long do mortgage rate locks last in California, and what does a longer lock cost?

Most California lenders offer 30, 45, 60, and 90-day rate locks. A 30-day lock is typically free or built into your rate. Extending to 60 days usually costs about 0.125 to 0.25 percent of the loan amount, and a 90-day lock can cost 0.25 to 0.50 percent. For an Irvine purchase with a $1,000,000 loan, that is roughly $1,250 to $5,000 in lender fees or rate-cost depending on lock length. Ask your loan officer for a side-by-side comparison before you choose.

Do jumbo loans for Irvine homes above the conforming limit get different rate-lock terms than conforming loans?

Yes. The 2026 conforming loan limit in Orange County is $1,209,750, and most Irvine single-family homes price above that, meaning buyers often need a jumbo loan. Jumbo rate locks may have stricter underwriting before lock, slightly different pricing, and fewer float-down programs than conforming loans. Some portfolio lenders and credit unions price jumbos competitively for Irvine, so it pays to compare two or three lenders.

What happens if my Irvine home purchase closes after my rate lock expires?

If escrow runs past your lock expiration, you typically have three options: extend the lock for a fee (usually 0.125 to 0.25 percent per 15-day extension), re-lock at the current market rate, or in some cases use a one-time float-down. Lock extensions are common in Irvine when appraisals, HOA documents, or contingency removals delay closing, so build a buffer of 7 to 14 days when you choose your lock period.

Is an adjustable-rate mortgage (ARM) worth considering for an Irvine buyer in 2026?

For some Irvine buyers, yes. A 7/6 or 10/6 ARM typically prices 0.50 to 0.75 percent below a 30-year fixed, which on a $1,000,000 jumbo can save $300 to $500 per month during the fixed period. ARMs make most sense if you plan to sell or refinance within the initial fixed window or if the lower payment is the difference between qualifying and not. Buyers who want long-term payment certainty should still favor a 30-year fixed.

How do mortgage rates affect Irvine home prices in 2026?

In Irvine, mortgage rates and home prices have an inverse but cushioned relationship. When rates fall, more buyers can qualify and prices tend to firm or rise. When rates stay flat or rise, demand softens at the margin, but tight inventory in villages like Woodbridge, Turtle Rock, and Portola Springs limits price declines. Through the first half of 2026, Irvine median prices have held within a narrow band even as rates moved between roughly 6.0 and 6.6 percent, because supply remains the dominant constraint.

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Should You Lock in a Mortgage Rate Now or Wait for Rates to Drop?

By: Debbie Sagorin Published: 12/20/2025
Updated: 06/15/2026

Should you lock your mortgage rate now or wait? An Irvine guide to 2026 rate forecasts, float-down locks, jumbo loans, and ARMs from a top-1% REALTOR.