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Wave effects are often neglected in microlensing studies; however, for coherent point-like sources, such as pulsars and fast radio bursts (FRBs), wave effects will become important in their gravitational lensing. In this paper, we describe the wave optics formalism, its various limits, and the conditions for which these limits hold. Using the simple point lens as an example, we will show that the frequency dependence of wave effects breaks degeneracies that are present in the usual geometric optics limit, and constructive interference results in larger magnifications further from the lens. This latter fact leads to a generic increase in cross section for microlensing events in the wave-optics regime compared to the geometric optics regime. For realistic percent-level spectral sensitivities, this leads to a relative boost in lensing cross section of more than an order of magnitude. We apply the point-lens model to the lensing of FRBs and pulsars and find that these radio sources will be lensed in the full wave-optics regime by isolated masses in the range of $0.1-100\,M_\oplus$, which includes free-floating planets (FFPs), whose Einstein radius is smaller than the Fresnel scale. More generally, the interference pattern allows an instantaneous determination of lens masses, unlike traditional microlensing techniques which only yield a mass inference from the event timescale.