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 your application process. This ensures that your interest rate will not go up during the application process.
Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer ones typically costing more. You can get a longer period for your lock, but in making this choice, will most likely have a higher rate than you would have with a shorter span of time
There are other ways to get a reduced rate, in addition to opting for a shorter rate lock period. A bigger down payment will result in a better interest rate, because you're starting out with a good deal of equity. You can pay points to lower your rate for the life of the loan, meaning you pay more initially. To a lot of people, this makes sense and is a good deal..
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