Mortgage rates constantly rise and fall, and rarely more swiftly than right now. Dan Green of The Mortgage Reports estimates that rates changed every 3 hours, 23 minutes during the month of June.

If you’re in the market for a mortgage or in the process of obtaining one, fluctuating rates can make a big difference in how much you’ll pay on your loan. A spike in mortgage rates during the time it takes to close your loan could push your payment past what you can afford.

To keep that from happening, you can ask for a rate lock, a tool that allows prospective borrowers to lock in their interest rate once a purchase agreement is in place.

Here’s a basic breakdown of what a rate lock is, its pros and cons, and when to consider locking in your rate:
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