A rate "lock" or "commitment" is a lender's promise to lock in a particular interest rate and a certain number of points for you for a specified period while your application is processed. This saves you from going through your whole application process and discovering at the end that the interest rate has gone up.
While there may be a choice of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would have with a shorter rate lock span of time
In addition to opting for a shorter lock period, there are several ways you may be able to get the lowest rate. A larger down payment will give you a reduced interest rate, since you are starting out with a good deal of equity. You might choose to pay points to improve your interest rate for the loan term, meaning you pay more up front. For many people, this is a good option..
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