-47 dBm strikes me as a noisy environment (mine flirts around -96m). I wonder if that's the cause right there. Any other 2.4 GHz users around (phones, baby monitors, wireless speakers, etc.)? Anything that would throw noise across spectrum (dimmers, touch-lights, fluorescent lights, air purifiers, or other stuff that puts static on AM radios)?
First, you should confirm that you're actually getting a throughput drop at the lower wireless bitrates. The bitrates are supposed to float in order to maximize throughput (useful data).
For example, if the error rate is high at 120 Mbps but low at 60 Mbps, you probably want it to float to 60 during these times because the amount of actual error-free data it can deliver per second is higher.