Some experts say, if YOU are one of those Americans who doesn't own a home, now may be a good time to buy.
That's because interest rates are so low.
And, the Federal Reserve announced last week, they would keep those rates low until at least 2014.
If you are a saver and you have money market accounts or bank CDs...the low interest rates are not helping you.
But, if you are looking to buy a home...or even refinance your current mortgage...rates have never been lower.
Eileen Wrobleski has lived here 15 years...she loves the house...and so do her grandchildren. She is not about to leave this beautiful home ... surrounded by nature ... but she certainly wouldn't mind a lower monthly mortgage payment.
Wrobleski is like more and more American's these days...considering refinancing to take advantage of the low interest rates.
1st Source Bank Senior Vice President of Consumer and Mortgage Lending, Ray Yarber says in an average year they get nearly 3 thousand applicants who are interested in refinancing...that number is expected to go up.
The Federal Reserve last week announced it is likely to keep interest rates low ... close to 0 percent ... at least until the end of 2014.
This is good news for not only people interested in purchasing or refinancing their home...but also for those interesting in buying a car and for the federal government which borrows a lot of money.
And while, it isn't a guarantee rates will stay low, some worry the announcement might discourage people from buying or taking out loans.