A rate "lock" or "commitment" is a promise from the lender to lock in a particular interest rate and a certain number of points for you for a specified period of time while your application is processed. This keeps you from getting through your whole application process and discovering at the end that the interest rate has risen higher.
Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer spans generally costing more. The lending institution can agree to hold 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 with a rate lock of a shorter period.
There are more ways to get a lower rate, besides choosing a shorter rate lock period. The bigger the down payment, the smaller the rate will be, because you will be starting with more equity. You might opt to pay points to lower your rate over the term of the loan, meaning you pay more initially. One strategy that makes financial sense for many people is to pay points to improve the interest rate over the life of the loan. You pay more initially, but you'll save money, especially if you keep the loan for the full term.
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