A rate "lock" or "commitment" is a promise from the lender to freeze a particular 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 cannot go up during the application process.
Rate lock periods can vary in length, between 15 to 60 days, with the longer ones usually costing more. A lending institution may agree to lock in an interest rate and points for a longer span of time, such as sixty days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of fewer days.
In addition to going with a shorter lock period, there are more ways you may be able to score the lowest rate. The bigger the down payment, the better your rate will be, since you will have more equity from the beginning. You can pay points to bring down your interest rate over the loan term, meaning you pay more up front. To a lot of people, this makes financial sense..
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