Mortgage rates are slipping after a rapid rise

that brought rates to a seven-year high in November of 2018. Since December, mortgage rates have dropped significantly, giving most borrowers access to their lowest rates in years. These lower mortgage rates are giving people a great opportunity to purchase or refinance a home. Borrowers who lock in these low mortgage rates by making a purchase or entering into a refinancing contract could potentially save thousands of dollars over the life of their loan. With the combination of affordable borrowing costs and increased home inventory, this is an excellent opportunity for buyers or refinancers to take advantage of the market conditions.