What is fixed rate loan but not locked?

[lonerower]

I am early on in the application and the paperwork says loan product "fixed."  It also says interest rate "not locked".   I am going for a 30 year fixed rate but the not locked part threw me off.  I am hoping this just means that the application is not finished so the rate is not locked in yet and just waiting for approval.

[StartingOver10]

Are you under contract for a purchase or is this a pre-approval?

If you are under contract, most lenders will lock you in when you request it.

[lonerower]

Pre-approval.  

[TimeToRecover]

A fixed rate loan is the type of loan (it is the fixed rate for the life of the loan (IE it isn't an ARM (Adjustable Rate Mortgage)).  

Locked is what you do that freezes your rate for you rmortgage.  The time frame that the lock is good for is limited.  Locking the rate is a matter of timing etc.  The lock is only good for a certain period of time, and if not closed in that time frame the lock expires and must be relocked.  Locking is great if rates are rising as you can take advantage of a lower rate but if rates go lower then the locking may have you at a higher rate.