A locking assembly is disclosed for use with a walker or a rollator having foldable side members. The locking assembly includes a locking pin movable between a first position in which the corresponding side member is held in a locked, unfolded state and a second position in which the side member is in an unlocked, folded state. A lock plate extends transversely to the longitudinal axis of the corresponding side member, and includes an aperture adapted to receive a locking end of the locking pin when the pin is in its first position. A lever is coupled to the locking pin such that when the lever is pivoted by upwardly applied pressure, the locking pin is moved from its first position to its second position to permit rotation of the corresponding side member to its folded state.