Today the Federal Reserve announced that it will hold interest rates at a record low for an extended period of time, according to the Richmond Times-Dispatch.

This is good news for homeowner because the low interest rates helped boost the housing market and increase property values.

"With the recession apparently over, the Federal Reserve held a key interest rate at a record low and again pledged to keep it there for an 'extended period' to foster the fragile economic recovery.

The Fed says economic activity has “continued to pick up” and that the housing market also has grown stronger, a key ingredient to a sustained recovery.

The Fed says it will trim its purchases of debt from Fannie Mae and Freddie Mac to $175 billion, from $200 billion, because there is limited availability of that debt."

Read the full story.