What is the term used for the situation when Ben Chan's interest rate is secured at 6.15% for closing within 60 days?

The correct term for when Ben Chan secures an interest rate of 6.15% for an upcoming closing is called "locked in." When a borrower locks in an interest rate, they are essentially securing that rate for a specified period, which in this case is within 60 days. This protects them from any potential increases in interest rates during that time frame and ensures that their mortgage costs remain stable as they prepare for closing.

Locking in an interest rate is a common practice in the mortgage process, giving borrowers peace of mind while finalizing their financing arrangements. It generally involves a formal agreement with the lender and can influence the terms of the loan. By locking in the interest rate, Ben Chan is effectively making a strategic decision to protect himself from market fluctuations that could lead to higher rates before his closing date.