Can you negotiate your mortgage rate in today's market?

MoneyWatch: Managing Your Money Can you negotiate your mortgage rate in today's market? We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Angelica Leicht Angelica Leicht Senior Editor, Managing Your Money Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications. Read Full Bio Angelica Leicht May 15, 2026 / 8:00 AM EDT / CBS News Add CBS News on Google A lower mortgage rate would make your home loan more affordable, but does it really make sense to negotiate now? Getty Images/iStockphoto While the mortgage rate landscape has eased substantially compared to the peaks seen in 2024 and early 2025, the reality is that today's borrowing costs are still elevated, which is continuing to cause affordability issues for homebuyers. At just under 6.4% on average, today's mortgage rates are still high enough that even small rate differences can matter substantially to borrowers, who are already grappling with high home prices, insurance costs and rising inflation. In a market where affordability remains strained, every fraction of a percentage point counts.By securing even a marginally lower mortgage rate, homebuyers could rake in hundreds of dollars in monthly interest savings, so mortgage loan borrowers may want to approach the lending process from a different angle right now. Rather than simply accepting the first mortgage rate they're quoted, homebuyers are taking the time to compare lenders, request competing offers and look for unconventional ways to reduce their borrowing costs, like trying to negotiate with lenders instead of just taking what's offered. Is it really p...