When you are offered a "rate lock" from a lender, it means that you are guaranteed to keep a particular interest rate for a determined period for the application process. This ensures that your interest rate will not grow as you are going through the application process.
Although there may be a choice of rate lock periods (from 15 to 60 days), the extended ones are generally more expensive. You can get a longer period for your lock, but in choosing this option, will probably have a higher interest rate than you would have with a shorter period
In addition to opting for the shorter lock period, there are more ways you can get the best rate. The bigger 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 reduce your rate for the loan term, meaning you pay more initially. For many people, this is a good option..
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