If you're considering lowering your rates as jobs become scarce, it makes sense to recognize that the best likely result is fewer jobs at lower rates with higher rates of cancellation and non-payment. The higher rates of cancellation and non-payment are in part due to the general economic situation and largely due to the inherent undercapitalization of projects requiring lower rates to move forward.
The opportunity is moving upmarket and chasing better clients. Those with good capitalization structures. Or to put it another way, join the race to the bottom in better paying market segments. Doors open when everyone is shopping around.
Clients care about the value they’re getting, so I focus on providing good service. Once a relationship with a client is established, the client’s best move in a crisis won’t be to replace the person they know and who knows their systems with a stranger who charges marginally less per hour. It’s more likely that projects will be put on hold for some time.
It could be that more professionals in your market (either freelance or employees) are becoming available, changing the demand-supply, which would normally lower the rater. Part of your rate is likely based on the scarcity of your craft. If that changes, don't be too proud to change your rate. But also don't just accept a lower rate without questions.
I have a few clients who are now paying MORE (new contract) due to the change in the nature and scope of work. I have been doing a bit of "soft consuming" with folks adapting to working from home. Some non technical teams just don't have the know how or experience to work remote. The nature of remote work has shifted as well. Basics have become problematic as many are in transition.
The last week especially I have been getting a lot of messages with offers, so its really hard to say.
This is going to be very messy.