The length of time a lender is willing to offer a borrower the quoted interest rate. Rate commitments can vary from 30 to 180 days.
The number of days the lender will guarantee the mortgage rate on a mortgage approval. This can vary from lender to lender anywhere from 30 to 120 days.
A written promise by a lender to lend money to a borrower at a stated rate of interest -- usually time limited.