Good news if you're looking to buy a new house, or even just looking to refinance.

According to CBS News, mortgage rates are at their lowest levels in three years. 

The average 30-year mortgage is charging just 3.45 percent. If you're looking for a shorter loan period, a 15-year loan is at just 2.97 percent.

Just a year ago, 30-year loans were at 4.41 percent. 15-year loans were at 3.84 percent.

Several factors are pushing down costs. The Federal Reserve has kept rates low after cutting them three times last year even though there were signs of economic weakness, while inflation remains tame.

These lower rates mean that you'll end up actually paying less for your house over the lifespan of the loan.

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