When you're offered a "rate lock" from the 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 protects you from going through your entire application process and finding out at the end that the interest rate has gotten higher.
Rate lock periods can be various lengths of time, between 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 probably have a higher rate than you would with a shorter period
In addition to choosing a shorter lock period, there are other ways you are able to score the lowest rate. A larger down payment will get you a reduced interest rate, because you'll be starting out with more equity. You could choose to pay points to reduce your rate over the loan term, meaning you pay more up front. For a lot of people, this makes sense and is a good deal..
Do you have a question regarding a mortgage program?