Is a mortgage rate negotiable?

Yes!  A good loan officer will offer you a good rate the first time, but rates are negotiable.  I would specifically ask your loan officer what you could do to get a lower rate.  One way to lower your rate might be to put more money down, take less money out if it is a cash-out refinance, or you can always pay discount points to get a lower rate.  Whatever you do, make sure you communicate to your Loan Officer on what your goals and expectations are with your rate.  Make sure you are working with a mortgage professional and not just someone trying to make a quick buck.

Rates are also changing much more rapidly than they did several months ago.  If you like the rate that you are getting quoted I would suggest locking it in right away.  If you wait just a few minutes you could see that rate you like go up, or down.  Typically the pain of seeing a rate go up far outweighs the joy of it going down.  The old saying goes…“ if you like it, lock it.”