What is a "rate lock period"?  A rate lock or a rate commitment is a lender's promise to hold a certain interest rate and a certain number of points for you for a specified period of time while your application is finishing being processed. This prevents you from going through your whole application process and finding that the interest rate has gone up by the time you receive funding.
The length of a rate lock may vary, and longer ones usually cost more. A lender will agree to "hold" your interest rate and points for a longer period, say 60 days instead of 30 days, but in exchange the rate and maybe points are higher than with a shorter rate lock period. Your mortgage professional can set up that rate lock period for you during the loan process.
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