Clark Howard: Now's the time to buy house, refinance

Mortgage rates have fallen to all-time record lows, but KRMG's financial guru Clark Howard says it's not generating much buzz among potential homebuyers, and he can't understand why.

"Being able to lock in an interest rate in the 'threes' for the length of the term of the loan is an amazing chance to lock in low housing costs for a big chunk of the rest of your life.  That's a pretty dramatic statement isn't it?" Clark said.

Clark recognizes that many people are too nervous about the economy and their jobs to buy a house right now.  But he says you need to consider it.

"If you have a reasonable expectation that you are going to stay where you are for a number of years, like five to seven is kind of the target... seven's even better... and you are renting right now, if you have decent employment and your credit is okay, you absolutely should consider going out and buying a home," Clark said.

In some cases during the past week, 30-year mortgage rates have fallen below 4% and 15-year refinancing rates have dropped below 3%.