I was curious if an individual is able to purchase the option to get a CD at a particular rate in the future? Or alternatively defer the purchase of a CD and lock in the existing rate.
I doubt it, since CDs are FDIC insured and mainly target retail savers/investors.
More sophisticated investors have bond options, interest rate options, caps/floors, and other interest rate derivatives to choose from, as well as bespoke structured products.
I've never heard of any kind of option in the US that provides you with the ability to lock in the current rate for a CD to be opened at a future date. If such a thing exists, perhaps someone else will chime in.
Some banks offer adjustable rate CDs (ARC) which give you the opportunity to request a one-time adjustment at a later date should rates rise. The first problem is that these ARCs tend to offer somewhat lower initial rates. A potential problem is that if rates rise "X" percent and your bank doesn't raise the ARC's rate "X" percent then you're getting screwed on the far end as well.
There are options on interest rates and interest rate linked securities. For example, call options on a fixed income ETFs and call options on treasury futures contracts. Receiver swaptions are also traded, but aren't accessible for many investors.