Interest rates have hit historic lows, but will they go lower? According to Freddie Mac interim chief executive John A. Koskinen interest rates are “probably as good as it’s going to get”.

“Mortgage rates, if they go down at all further, it’s going to be incremental,” Koskinen stated on Friday.

“Interest rates are probably close to bottoming out, and therefore we are telling people to buy.”

This is good news for buyers who have been on the fence about buying, hoping to see further drops in the interest rates.

The U.S. 30-year interest rate as tracked by Freddie Mac fell to 4.85% the lowest on record.