The length of rate protection is dynamic in nature and usually can be adjusted by your New Jersey mortgage lender to accommodate your circumstances and your expected closing date. Usually, they come in 15-day increments and most standard rate locks are 30, 45, or 60 days. That said, the shorter the rate protection, the more favorable the terms may be. This is offset however with the understanding that markets and rates are subject to change daily and you may find yourself losing ground in a deteriorating rate market while trying to capture slightly better terms for a shorter-term rate lock.