Mode locking in lasers is a collective effect, where due to a weak coupling a large number of frequency modes lock their phases to oscillate in unison, forming an ultrashort pulse in time. We demonstrate an analogous collective effect in coupled parametric oscillators, which we term "pairwise mode locking," where many pairs of modes with twin frequencies (symmetric around the center carrier) oscillate simultaneously with a locked phase sum, while the phases of individual modes remain undefined. Thus, despite being broadband and multimode, the emission is not pulsed and lacks first-order coherence, while possessing a very high degree of second-order coherence. Our configuration comprises two coupled parametric oscillators within identical multimode cavities, where the coupling between the oscillators is modulated in time at the repetition rate of the cavity modes, with some analogy to active mode locking in lasers. We demonstrate pairwise mode locking in a radio-frequency experiment, covering over an octave of bandwidth with approximately 20 resonant mode-locked pairs, filling most of the available bandwidth between dc and the pump frequency. We accompany our experiment with an analytic model that accounts for the properties of the coupled parametric oscillators near threshold.