In the past month, there's been a mix of economic indicators that has economists debating whether inflation or a recession is the biggest issue in regards to moving the U.S. economy forward.

And all of this talk has sent mortgage rates higher for one reason or another. Back in mid-January mortgage rates hit a 4-year-low based partly on fears the U.S. economy was headed into or already in a recession.

Experts say the time to buy a new home is now!

Here's why:
1. Interest rates are low
2. The selection couldn't be better
3. Prices have dropped

But does that mean that now is the right time for you? If you're anything like me, and committing to an expensive pair of shoes makes you worry, then it's understandable that you might be a bit aprehensive to jump into the housing market.

For a first time homebuyer (and probably some 2nd, 3rd and 4th time buyers too!) the steps you take to secure a mortgage can be tricky. A lot of phrases get tossed around and if you haven't done your homework, then they're probably totally foreign to you! But, as a person who had absolutely no idea what she was doing when she set out to look for a new home, I can tell you, it's not as scary as it seems! There are 4 basic concepts regarding your mortgage that you should understand when you decide to buy a home. Here they are, explained:

It has been tough going in the housing market lately. We're stuck in a cycle where many homeowners can't sell their current home and then in turn buy a new home. And on top of that, securing a mortgage has gotten harder for many of us.

It's anybody's guess on where the housing market goes from here, but there are a few positives in the current market for buyers -- interest rates remain attractive, there's plenty of homes on the market, and prices continue to drop.

Bob Walters, chief economist at Quicken Loans, tells bankrate.com that today's housing woes present a historic opening for millions of homebuyers.

You can read more about what Walters says in the article on bankrate.com.

Mortgage rates have held steady this past week, according to bankrate.com. Overnight in Illinois, average rates on 30-year fixed mortgages in Illinois rose 2 basis points to 5.80 percent.

Click here to read more on mortgage rates in Illinois.

Good news for those looking to buy a new home or refinance a mortgage. According to Freddie Mac, Mortgage rates moved lower this week to their lowest levels in a month. Nationally, 30-year fixed-rate mortgages averagedd 6.01 percent for the week ending May 15th. In the upper Midwest region, that rate was slightly higher -- averaging 6.05 percent.

Read more after the jump ...

As the Federal Reserve continues to fight a struggling economy and inflation, mortgage rates continue to creep higher.

According to the mortgage company, Freddic Mac, the 30-year fixed rate mortgages averaged 6.32% last week. That is up sharply from 6.09% the previously week. Read more.

More on Illinois rates after the jump ...

For the fourth straight week, the average mortgage rate has increased. According to Freddie Mac, the mortgage company, the average 30-year fixed rate mortgage is averaging 6.42%. That's the highest level since last September.

Read more after the jump about how inflation concerns is driving up the mortgage rates.