A rate "lock" or "commitment" is a lender's promise to set a certain interest rate and a specific number of points for you for a certain period while your application is processed. This saves you from going through your entire application process and discovering at the end that the interest rate has gotten higher.
While there might be a choice of rate lock periods (from 15 to 60 days), the extended ones are generally more expensive. A lending institution can agree to hold an interest rate and points for a longer period, say 60 days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of fewer days.
There are more ways to get a lower rate, in addition to opting for a shorter rate lock period. The bigger down payment you make, the better your interest rate will be, because you will be entering the loan with more equity. You can pay points to improve your interest rate for the term of the loan, meaning you pay more initially. For a lot of people, this is a good option..
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