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Rates have come back down since the peaks in 2023-2024, so there's definitely still room to negotiate! That said, you shouldn't get your hopes up too high - it's not like the old days when you could cut your rate in half. But if you're in a solid financial position and you've been with your bank for a while, they can really put together an attractive offer to keep you. The trick is to actually shop around with a bunch of different lenders so you have some leverage in negotiations, and honestly, even a tenth of a percentage point can really be worth it over 20-25 years!
I contacted my bank a few months ago to review my situation, and honestly I was surprised by how flexible they were. Quite a few banks are playing ball right now because they know customers can shop around, so yeah, there's still room to negotiate. That said, it's true it's not like the years when rates were dropping year after year - we're more in stable territory now, so the reductions you can negotiate are more modest than before.
What's really changed is that you need to have good cards in your hand. If you've been a good customer for a long time, if you don't have any late payments, if your financial situation has improved, then you can really put pressure on the table. Some banks would rather keep an existing customer than lose one, especially if you have other products with them (insurance, accounts, etc.). That's why it's useful to play the competition - call two or three other lenders and show you're open to switching if the offer is better.
Do you currently have a complete file (remaining balance, current rate, type of loan)? That would help me tell you if you really have an interest in making a move or if it's not worth it.
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