A rate "lock" or "commitment" is a promise from the lender to hold a certain interest rate and a certain number of points for you for a certain period of time while your application is processed. This saves you from working through your entire application process and finding out at the end that the interest rate has gone up.
Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer ones typically costing more. A lending institution will agree to lock in an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of a shorter period.
There are more ways to get a low rate, in addition to going with a shorter rate lock period. A bigger down payment will result in a lower interest rate, because you will have more equity at the start. You can pay points to improve your rate over the loan term, meaning you pay more up front. One strategy that is a good option for many people is to pay points to improve the rate over the life of the loan. You are paying more initially, but you will come out ahead in the long run.
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