When you're offered a "rate lock" from a lender, it means that you are guaranteed to keep a particular interest rate over a certain number of days for your application process. This keeps you from going through your whole application process and discovering at the end that your interest rate has risen higher.
Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer period usually costing more. You can get a longer period for your lock, but in choosing this option, will most likely have a higher interest rate than you would have with a shorter rate lock span of time
There are other ways to get a low rate, besides opting for a shorter rate lock period. The more the down payment, the smaller your interest rate will be, since you will have more equity from the beginning. You may choose to pay points to improve your interest rate for the term of the loan, meaning you pay more up front. For many people, this is a good option..
Do you have a question regarding a mortgage program?