When you're promised a "rate lock" from a lender, it means that you are guaranteed to get a certain interest rate over a determined period for your application process. This protects you from going through your entire application process and finding out at the end that the interest rate has risen higher.
While there may be a choice of rate lock periods (from 15 to 60 days), the extended ones are typically more expensive. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would with a shorter rate lock period
There are more ways to get a reduced rate, in addition to opting for a shorter rate lock period. A bigger down payment will get you a lower interest rate, because you'll be starting out with a good deal of equity. You might choose to pay points to reduce your interest rate for the life of the loan, meaning you pay more up front. One strategy that is a good option for many people is to pay points to improve the interest rate over the life of the loan. You'll pay more initially, but you'll come out ahead, especially if you keep the loan for the full term.
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