An interpolator or decimator includes an elastic storage element in the signal path between first and second clock domains. The elastic element may, for example, be a FIFO which advantageously allows short term variation in sample clocks to be absorbed. A feedback mechanism controls a delta-sigma modulated modulo-N counter based sample clock generator. The elastic element combined with a delta-sigma modulator and counter creates a noise-shaped frequency lock loop without additional components, resulting in a much simplified interpolator and decimator.