Look at new rates (5)
I believe the answer is:
stare
'look' is the definition.
(stare is a kind of look)
'new rates' is the wordplay.
'new' indicates an anagram.
'rates' is an anagram of 'STARE'.
'at' is the link.
(Other definitions for stare that I've seen before include "Rates (anag.)" , "bird" , "Gawp" , "Look with fixed gaze" , "Long fixed look" .)