What is a "rate lock period"?
Freezing the Rate
When you are offered a "rate lock" from your lender, it means that you are guaranteed to get a set interest rate over a certain number of days while you work on the application process. This means your interest rate cannot grow during the application process.
Rate lock periods can vary in length, between fifteen to sixty days, with the longer period generally costing more. You can get a longer period for your lock, but in doing so, will most likely have a higher rate than you would with a shorter rate lock period
More Ways to Get a Great Interest Rate
In addition to choosing a shorter lock period, there are more ways you can get the lowest rate. A bigger down payment will result in a reduced interest rate, because you'll have more equity from the beginning. You can pay points to lower your interest rate for the life of the loan, meaning you pay more initially. To many people, this makes sense and is a good deal..