A rate "lock" or "commitment" is a lender's promise to lock in a specific interest rate and a certain number of points for you for a specified period of time during your application process. This ensures that your interest rate can't rise as you are working through the application process.
Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer spans typically costing more. A lending institution will agree to hold an interest rate and points for a longer span of time, like 60 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 the shorter lock period, there are more ways you can score the best rate. The larger down payment you make, the smaller your rate will be, because you will be starting with more equity. You can pay points to reduce your rate over the loan term, meaning you pay more up front. To a lot of people, this makes sense and is a good deal..
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