A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a certain number of points for you for a certain period during your application process. This ensures that your interest rate cannot rise during the application process.
Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer spans generally costing more. The lending institution will agree to lock in an interest rate and points for a longer period, say sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of a shorter period.
There are more ways to get a low rate, in addition to opting for a shorter rate lock period. A bigger down payment will result in a lower interest rate, because you will be starting out with more equity. You may choose to pay points to improve your interest rate over the loan term, meaning you pay more initially. For many people, this is a good option..
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