A rate "lock" or "commitment" is a promise from the lender to hold a specific interest rate and a certain number of points for you for a specified period of time during your application process. This prevents you from getting through your whole application process and discovering at the end that the interest rate has gone up.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer spans usually costing more. You can get a longer period for your lock, but in making this choice, will most likely have a higher rate than you would with a shorter period
In addition to opting for the shorter rate lock period, there are more ways you can get the best rate. The bigger down payment you can pay, the better your rate will be, as you will be entering the loan with more equity. You can pay points to bring down your rate over the loan term, meaning you pay more initially. One strategy that is a good option for many people is to pay points to bring the rate down over the term of the loan. You'll pay more initially, but you'll save money, especially if you keep the loan for a long time.
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