When you are promised a "rate lock" from your lender, it means that you are guaranteed to get a specific interest rate for a determined period for your application process. This saves you from getting through your entire application process and learning at the end that your interest rate has gone up.
While there can be a choice of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. The lender can agree to freeze an interest rate and points for a longer period, like 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 reduced rate, in addition to choosing a shorter rate lock period. The bigger the down payment, the lower the interest rate will be, since you will be starting with more equity. You can pay points to improve your interest rate over the loan term, meaning you pay more up front. For many people, this is a good option..
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