CORDOVA, TN – Mortgage rates have taken yet another dive, falling to one of the lowest points in decades.

It’s great news for homeowners looking to refinance, as well as homebuyers looking for their share of the American dream. 30-year mortgage rates are at the same level they were in 1951, just about four percent. Experts say 15-year loans are the lowest they’ve ever been.

“This has really been an inspiration to me, because I always said if I started paying $600 or $700 for rent, it’s time to buy a house,” says first time home buyer Margaret Martin.

For her, the drop in mortgage rates could not have come at a better time.

But the big question is will those low interest rates translate to more home sales? They are shaping up to be the lowest in years. Realtor Michelle Hayes from Hayes Home and Realty believes they will.

“It doesn’t happen right away,” she tells abc24.com.  ”Potential home buyers have to process it and it has to click, a light bulb has to click and say now that the interest rates are low, it’s time to buy.”

“With being able to get into a house like this, with a really low rate, it just provides the buyer with so many opportunities,” Hayes says.

Steve Swain, Home Loans Director at First Tennessee Bank, says the low rates could stick around for a couple of years. And it’s not just home buyers cashing in.

“We’ve seen an increase, especially in the last month or so, we’ve seen a real big surge in refinance requests,” Swain says.

For Martin, it’s the opportunity of a lifetime.

“I just really got to a comfortable place in my life and thought now it’s time to step out there and take that plunge,” she says.

But with rates this low, buying a house isn’t much of a plunge anymore.