What is the commitment issued by a lender to a borrower that guarantees a specified interest rate for a specified period of time called?

The term that describes the commitment issued by a lender to a borrower, ensuring that a specified interest rate is secured for a certain period, is known as a Rate Lock. This agreement plays a pivotal role in real estate transactions, particularly during times of fluctuating interest rates. By obtaining a Rate Lock, the borrower can protect themselves from potential rate increases before they finalize their loan, providing a safeguard that aligns with their budget and financial plans.

In the context of this question, other terms may exist in the mortgage industry, such as Loan Lock, Interest Rate Assurance, and Rate Guarantee; however, they do not universally convey the specific mechanism of securing an interest rate for a defined duration as effectively as Rate Lock does. Rate Lock is widely recognized and used within the industry, making it the most appropriate terminology in this scenario.