A rate "lock" or "commitment" is a promise from the lender to set a particular interest rate and a specific number of points for you for a certain period of time while your application is processed. This protects you from getting through your entire application process and learning at the end that the interest rate has gotten higher.
Although there are various lengths of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. The lender may agree to lock in an interest rate and points for a longer period, such as sixty days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of fewer days.
There are more ways to get a lower rate, in addition to choosing a shorter rate lock period. The larger down payment you make, the better the interest rate will be, because you will be entering the loan with more equity. You may choose to pay points to bring down your rate for the term of the loan, meaning you pay more initially. To many people, this makes financial sense..
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