The rate (borrow APY), is the overall cost taking account for potential rewards.
(-18.89%)
But there are two aspects to take into account:
- Rewards are subject to fluctuation, and third party rewards (other than MORPHO) are time bounded, so it can stop (you can check status of rewards program in the [Merk| app]
chain=480&protocol=morpho).
- Rewards are claimable on the side while cost of the debt autocompounds to your position making your debt increase over time and potentially impacting your health ratio.
TL;DR while rewards can make borrow APY lower or even negative, you still need to check your position.