A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a particular number of points for you for a certain period of time during your application process. This protects you from working through your whole application process and learning at the end that the interest rate has gotten higher.
While there can be a choice of rate lock periods (from 15 to 60 days), the extended ones are typically more expensive. You can get a longer period for your lock, but in making this choice, will likely have a higher interest rate than you would with a shorter span of time
There are other ways to get a lower rate, in addition to opting for a shorter rate lock period. The more the down payment, the better your interest rate will be, since you will have more equity from the beginning. You can pay points to improve your interest rate for the loan term, meaning you pay more initially. One strategy that is a good option for some is to pay points to bring the rate down over the term of the loan. You will pay more initially, but you'll come out ahead, especially if you keep the loan for a long time.
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