When you're promised a "rate lock" from a lender, it means that you are guaranteed to keep a certain interest rate for a certain number of days for the application process. This protects you from working through your whole application process and learning at the end that your interest rate has gone up.
While there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. You can get a longer period for your lock, but in choosing this option, will most likely have a higher interest rate than you would have with a shorter rate lock period
There are more ways to get a reduced rate, besides agreeing to a shorter rate lock period. A bigger down payment will get you a reduced interest rate, since you will have a good deal of equity at the start. You could choose to pay points to bring down your interest rate for the life of the loan, meaning you pay more up front. One strategy that is a good option for many people is to pay points to bring the rate down over the term of the loan. You pay more up front, but you'll come out ahead in the end.
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