Yes, rate is a Scrabble word!

Verb

1. Assign a rank or rating to

2. Be worthy of or have a certain rating

3. Estimate the value of

Noun

1. A magnitude or frequency relative to a time unit

2. Amount of a charge or payment relative to some basis

3. The relative speed of progress or change

4. A quantity or amount or measure considered as a proportion of another quantity or amount or measure