A rate "lock" or "commitment" is a lender's promise to set a certain interest rate and a specific number of points for you for a certain period of time during your application process. This saves you from going through your whole application process and discovering at the end that the interest rate has gotten higher.
Rate lock periods can vary in length, between 15 to 60 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 interest rate than you would have with a shorter rate lock period
In addition to choosing a shorter rate lock period, there are other ways you can score the best rate. The bigger the down payment, the lower your interest rate will be, as you will have more equity from the beginning. You may opt to pay points to bring down your interest rate over the term of the loan, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to bring the rate down over the life of the loan. You'll pay more initially, but you'll come out ahead in the end.
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