A rate "lock" or "commitment" is a lender's promise to lock in a particular interest rate and a particular number of points for you for a certain period of time during your application process. This ensures that your interest rate can't go up during the application process.
Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer ones typically costing more. The lender will agree to hold an interest rate and points for a longer period, say 60 days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of fewer days.
In addition to going with the shorter rate lock period, there are more ways you are able to get the lowest rate. The larger down payment you can make, the lower the interest rate will be, as you will have more equity from the beginning. You can pay points to reduce your interest rate over the loan term, meaning you pay more initially. To many people, this is a good option..
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