A rate "lock" or "commitment" is a lender's promise to hold a certain interest rate and a specific number of points for you for a certain period of time during your application process. This ensures that your interest rate will not rise as you are working through the application process.
Although there are several lengths of rate lock periods (from 15 to 60 days), the extended spans are usually more expensive. 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 rate lock period
In addition to choosing the shorter lock period, there are several ways you may be able to attain the best rate. A bigger down payment will result in a better interest rate, since you will have more equity at the start. You can pay points to reduce your rate for the loan term, meaning you pay more initially. For many people, this makes sense and is a good deal..
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