Federal Reserve Won't Change Interest Rates, Will Maintain Bond Buying

Americans have likely already seen the last of rock-bottom mortgage interest rates, but rates are still historically very low, creating a competitive period to buy a home and lock in a low rate.

Markets in recent weeks have been rife with speculation that the Fed will be pulling back sooner than previously expected.

Mortgage rates have also been moving higher, up nearly three quarters of a percent since March.

"The change in mortgage rates we've seen so far are not overly dramatic," Bernanke said during the press conference.

Despite todays reassurance by the Fed that there will be no hasty exit from its stimulus efforts, there is no doubt that these efforts will have to come to an end at some point, maybe as early as next year. When the stimulus measures end, interest rates will rise.

"Rates are going higher, we are very close to the day and they are going to rise in a consistent way. If you are looking to buy anything that requires a loan, buy it now and lock in a low rate," says Mark Zandi, Chief Economist Moody's Analytics.

ABC News' Rebecca Jarvis contributed to this report.

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