When you are promised a "rate lock" from your lender, it means that you are guaranteed to keep a certain interest rate over a certain number of days for the application process. This saves you from working through your entire application process and learning at the end that your interest rate has risen higher.
Although there are various lengths of rate lock periods (from 15 to 60 days), the extended ones are typically more expensive. A lending institution will agree to freeze an interest rate and points for a longer span of time, such as 60 days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of a shorter period.
In addition to going with the shorter lock period, there are more ways you can score the best rate. A larger down payment will get you a better interest rate, because you're starting out with a good deal of equity. You might opt to pay points to reduce your rate over the term of the loan, meaning you pay more initially. To a lot of people, this makes financial sense..
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