Scriptable Email Template and Freemarker

I attempted to include a simple "If Then Else" statement in an email template but I haven't been able to get it to work.  The field I am referencing is indeed available for the formula since when I just put the field in the body of the email the value does render.  The result of the below formula is no text.
Any help would be appreciated


<#if customrecord.custrecord_rate_lock_exp = "">It is important that we receive the requested documentation with enough time for the Underwriter to review and process the documents.<#else>Also, your interest rate is locked and will expire on ${customrecord.custrecord_rate_lock_exp}. To avoid extension fees it is important that we receive the requested documentation with enough time for the Underwriter to review and process the documents.</#if>