I'm newer to investing, but I've come across options contracts now and then which to my understanding allow the option to buy or sell a stock at a certain price.
After a discussion with a coworker at lunch I became curious about if the same thing exists for mortgages. Some googling seems to indicate that there are in fact similar deals for buying the exclusive option to buy a house.
Does something analogous exist for locking in interest rates on a potential future mortgage? As an example scenario: "I would like to buy the option of obtaining a mortgage of $250,000 at 4% for the next 5 years"