A rate "lock" or "commitment" is a promise from the lender to freeze a specific interest rate and a particular number of points for you for a certain period of time while your application is processed. This ensures that your interest rate will not go up as you are working through the application process.
While there are various lengths of rate lock periods (from 15 to 60 days), the longer spans are usually more expensive. The lending institution may 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 higher than with a rate lock of a shorter period.
In addition to going with the shorter rate lock period, there are other ways you can attain the lowest rate. A larger down payment will give you a lower interest rate, because you're starting out with a good deal of equity. You can pay points to bring down your rate over the life of the loan, meaning you pay more initially. One strategy that makes financial sense for some is to pay points to bring the rate down over the term of the loan. You'll pay more initially, but you will save money, especially if you keep the loan for the full term.
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