The contracts on the Fed funds rate - the rate at which banks lend to one another to meet reserve requirements - are priced to imply a particular interest rate. (hussman.net)
This particular interest rate represents the rate at which depository institutions, like typical banks, lend funds to other depository institutions overnight. (studentloans.net)
· A rate lock commits your lender to a particular interest rate and points for a specific period of time, typically 10, 15, 30, 45, 60 or sometimes even 90 days. (shoprate.com)