A rate "lock" or "commitment" is a lender's promise to freeze a specific interest rate and a certain number of points for you for a certain period of time while your application is processed. This prevents you from getting through your entire application process and discovering at the end that the interest rate has gone up.
Although there may be a choice of rate lock periods (from 15 to 60 days), the extended ones are usually more expensive. You can get a longer period for your lock, but in making this choice, will probably have a higher interest rate than you would have with a shorter span of time
There are more ways to get a better rate, in addition to opting for a shorter rate lock period. The larger down payment you can pay, the lower your rate will be, since you will have more equity from the start. You can pay points to improve your rate for the loan term, meaning you pay more up front. One strategy that makes financial sense for many people is to pay points to bring the rate down over the life of the loan. You'll pay more up front, but you'll come out ahead in the end.
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