A rate "lock" or "commitment" is a promise from the lender to lock in a certain interest rate and a certain number of points for you for a certain period of time during your application process. This prevents you from getting through your whole application process and discovering at the end that your interest rate has risen higher.
While there are various lengths of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. A lender will agree to lock in an interest rate and points for a longer span of time, such as sixty days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of a shorter period.
There are other ways to get a good rate, in addition to opting for a shorter rate lock period. A larger down payment will give you a lower interest rate, since you'll have more equity from the beginning. You can pay points to reduce your interest rate for the term of the loan, meaning you pay more up front. One strategy that makes financial sense for many people is to pay points to improve the interest rate over the term of the loan. You pay more up front, but you'll come out ahead, especially if you keep the loan for a long time.
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