When you are offered a "rate lock" from your lender, it means that you are guaranteed to get a specific interest rate over a certain number of days while you work on your application process. This protects you from going through your whole application process and discovering at the end that your interest rate has risen higher.
While there are various lengths of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive. The lender can agree to hold an interest rate and points for a longer period, like 60 days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of a shorter period.
In addition to going with the shorter lock period, there are more ways you are able to get the lowest rate. The more the down payment, the smaller your rate will be, since you will have more equity from the start. You can pay points to improve your rate over the term of the loan, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to bring the rate down over the term of the loan. You pay more initially, but you'll come out ahead in the long run.
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