A rate "lock" or "commitment" is a promise from the lender to hold a certain interest rate and a certain number of points for you for a certain period of time while your application is processed. This ensures that your interest rate can't get higher during the application process.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer period generally costing more. You can get a longer period for your lock, but in doing so, will likely have a higher rate than you would have with a shorter rate lock span of time
In addition to choosing the shorter rate lock period, there are more ways you are able to get the lowest rate. The more the down payment, the better the interest rate will be, as you will be starting with more equity. You may choose to pay points to improve your rate over the life of the loan, meaning you pay more initially. For many people, this makes financial sense..
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