A rate "lock" or "commitment" is a lender's promise to lock in a particular interest rate and a particular number of points for you for a certain period during your application process. This prevents you from getting through your entire application process and learning at the end that the interest rate has gone up.
While there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are usually more expensive. A lending institution can agree to lock in an interest rate and points for a longer span of time, such as sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of fewer days.
In addition to going with a shorter lock period, there are other ways you can get the lowest rate. The larger the down payment, the smaller your interest rate will be, because you will be entering the loan with more equity. You can pay points to bring down your rate over the life of the loan, meaning you pay more initially. To a lot of people, this makes financial sense..
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