When you're promised a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate over a determined period while you work on your application process. This protects you from going through your entire application process and finding out at the end that your interest rate has gone up.
While there are several lengths of rate lock periods (from 15 to 60 days), the longer spans are usually more expensive. The lender can agree to freeze an interest rate and points for a longer period, like 60 days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of a shorter period.
In addition to opting for the shorter rate lock period, there are several ways you can attain the best rate. A bigger down payment will result in a lower interest rate, since you're starting out with more equity. You may opt to pay points to bring down your rate for the loan term, meaning you pay more initially. One strategy that makes financial sense for many people is to pay points to reduce the rate over the life of the loan. You'll pay more up front, but you will save money, especially if you don't refinance early.
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