I was just notified by lender that APR is locked but interest rate isn't. Can someone please explain this?

That makes no sense to me.. Your rate and APR are tied together.. so one cannot be locked and the other not.. It's possible that the lender is guaranteeing that your APR wont exceed a certain amount, but that's not technically "Locked" I would go back to your lender and ask for clarification.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893.

You should go back to the lender. The APR will change depending on where they are entering the seller credit(concessions) in the 1003 application software on page 3. I also agree with the previous response the It's possible that the lender is guaranteeing that your APR won't exceed a certain amount, but that's not technically "Locked".