A rate "lock" or "commitment" is a promise from the lender to set a particular interest rate and a specific number of points for you for a specified period of time while your application is processed. This ensures that your interest rate can't go up while you are working through the application process.
Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer period generally costing more. You can get a longer period for your lock, but in choosing this option, will most likely have a higher rate than you would have with a shorter period
In addition to opting for a shorter rate lock period, there are more ways you may be able to score the best rate. A larger down payment will result in a better interest rate, since you'll have more equity from the beginning. You can pay points to improve your interest rate for the term of the loan, meaning you pay more up front. For many people, this makes sense and is a good deal..
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