A rate "lock" or "commitment" is a promise from the lender to lock in a particular interest rate and a specific number of points for you for a specified period of time during your application process. This saves you from going through your whole application process and learning at the end that your interest rate has gone up.
Although there might be a choice of rate lock periods (from 15 to 60 days), the extended spans are usually more expensive. A lending institution will agree to lock in 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 more than that of a rate lock of fewer days.
In addition to choosing a shorter lock period, there are other ways you can get the best rate. The larger the down payment, the better your interest rate will be, because you will have more equity from the start. You may opt to pay points to reduce your rate over the loan term, meaning you pay more up front. One strategy that makes financial sense for some is to pay points to improve the interest rate over the term of the loan. You are paying more initially, but you'll come out ahead in the end.
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