A rate "lock" or "commitment" is a promise from the lender to set a certain interest rate and a particular number of points for you for a specified period of time while your application is processed. This protects you from working through your whole application process and learning at the end that your interest rate has risen higher.
While there are several lengths of rate lock periods (from 15 to 60 days), the extended spans are usually more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher rate than you would have with a shorter span of time
In addition to choosing the shorter rate lock period, there are more ways you can get the lowest rate. The larger down payment you can pay, the lower your interest rate will be, because you will be entering the loan with more equity. You can pay points to lower your rate for the term of the loan, meaning you pay more up front. For a lot of people, this is a good option..
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