We are all hearing reports that the economy is getting better, while others claim it’s stagnant or getting worse. Numbers are numbers and you have to know what numbers they are referring to and the history behind them to determine the truth. So, what’s the truth about mortgage rates?

Reported by National Mortgage News, the 30-year fixed-rate mortgage rates have been inching downward for six consecutive weeks. For week ending July 29, the rate dropped to 4.54%! This is the lowest in the history of Freddie Mac tracking the rates since 1971. This long history shows that no matter what the economy is doing – improving, staying level or on a decline – this is a great time to purchase a house or condo. Just a short year ago, the 30-year fixed rate was 5.25%!

This new, low interest rate will make it easier for someone to purchase your home, while you’re taking the advantage the lower cost of a loan to move up to your next house. If you’re considering a move, Grandview Lending is here to answer your questions regarding the right mortgage for your specific situation.