When you're promised a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate for a certain number of days for the application process. This means your interest rate won't rise while you are going through the application process.
While there are various lengths of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. You can get a longer period for your lock, but in doing so, will probably have a higher interest rate than you would with a shorter rate lock span of time
There are other ways to get a lower rate, in addition to choosing a shorter rate lock period. A bigger down payment will get you a reduced interest rate, because you'll be starting out with a good deal of equity. You can pay points to lower your interest rate over the loan term, meaning you pay more initially. One strategy that makes financial sense for some is to pay points to bring the rate down over the life of the loan. You'll pay more up front, but you'll come out ahead, especially if you keep the loan for the full term.
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