When you're promised a "rate lock" from the lender, it means that you are guaranteed to get a certain interest rate over a determined period for your application process. This ensures that your interest rate cannot get higher while you are working through the application process.
Although there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. You can get a longer period for your lock, but in choosing this option, will most likely have a higher rate than you would have with a shorter span of time
In addition to opting for a shorter lock period, there are more ways you can attain the best rate. A bigger down payment will result in a better interest rate, because you're starting out with more equity. You can pay points to bring down 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 improve the interest rate over the term of the loan. You'll pay more up front, but you'll come out ahead in the long run.
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