Interest rates change daily, even while a borrower is looking for a home.   To alleviate the anxiety of a fluctuating rate market, many lenders offer us lock and shop loans.  The borrower can, under most programs, choose to obtain a letter of commitment at initial application that will insure that the rate being offered will be available at the close of escrow.  This, however, does not preclude us from re-locking at a different lender any time a better rate can be secured prior to the close of escrow.

The goal is to protect the borrower.