When you are offered a "rate lock" from a lender, it means that you are guaranteed to get a particular interest rate for a certain number of days for your application process. This saves you from going through your entire application process and finding out at the end that the interest rate has risen higher.
Although there may be a choice of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. The lender can agree to freeze an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of fewer days.
There are more ways to get a lower rate, in addition to agreeing to a shorter rate lock period. A larger down payment will result in a reduced interest rate, since you will have more equity at the start. You can pay points to lower 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 term of the loan. You'll pay more up front, but you'll come out ahead in the end.
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