A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a particular number of points for you for a certain period during your application process. This prevents you from going through your whole application process and discovering at the end that the interest rate has gotten higher.
Rate lock periods can vary in length, between 15 to 60 days, with the longer ones generally costing more. A lender will agree to lock in an interest rate and points for a longer period, such as 60 days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of fewer days.
There are more ways to get a better rate, besides choosing a shorter rate lock period. A bigger down payment will result in a reduced interest rate, since you'll have more equity from the beginning. You can pay points to reduce your interest 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 improve the rate over the term of the loan. You'll pay more initially, but you will come out ahead, especially if you keep the loan for the full term.
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