What is a "rate lock period"? Freezing the Rate A rate "lock" or "commitment" is a promise from the lender to set a particular interest rate and a certain number of points for you for a certain period during your application process. This means your interest rate can't grow during the application process. Although there might be a choice of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive. A lender can agree to lock in an interest rate and points for a longer period, such as sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of fewer days. Other Interest Saving Strategies There are more ways to get a better rate, in addition to choosing a shorter rate lock period. The larger the down payment, the lower the rate will be, since you will have more equity from the start. You may opt to pay points to bring down your rate over the life of the loan, meaning you pay more up front. For many people, this makes financial sense.. 1st Credential Mortgage Inc can answer questions about rate lock periods & many others. Call us at (281) 778-0805. Got a Question? Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy. Your Information * Name: * Email: Phone: Your Question Question: SMS Messaging: By checking the box, you agree that 1st Credential Mortgage Inc may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply. Submit