When you're offered a "rate lock" from your lender, it means that you are guaranteed to keep a certain interest rate for a certain number of days while you work on the application process. This saves you from going through your whole application process and finding out at the end that the interest rate has risen higher.
Although there can be a choice of rate lock periods (from 15 to 60 days), the longer spans are usually more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher interest rate than you would with a shorter period
There are other ways to get a reduced rate, besides going with a shorter rate lock period. The larger down payment you make, the better your interest rate will be, as you will be starting with more equity. You might choose to pay points to bring down your interest rate for the life of the loan, meaning you pay more up front. For many people, this is a good option..
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