A rate "lock" or "commitment" is a promise from the lender to hold a certain interest rate and a specific number of points for you for a certain period while your application is processed. This saves you from getting through your whole application process and finding out at the end that your interest rate has risen higher.
Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer period typically costing more. The lending institution will agree to lock in an interest rate and points for a longer span of time, such as sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of a shorter period.
There are other ways to get a better rate, in addition to going with a shorter rate lock period. A larger down payment will get you a reduced interest rate, because you'll be starting out with a good deal of equity. You might opt to pay points to bring down your rate over 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 life of the loan. You'll pay more up front, but you will save money, especially if you keep the loan for the full term.
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