Federal Reserve Chairman Ben Bernanke said interest rates will stay low for at least another two to three years as the economy recovers.

He said the Fed plans to keep rates low until at least 2014 and possibly beyond that time frame.

"Unless there is a substantial strengthening of the economy in the near term, it's a pretty good guess we will be keeping rates low for some time," Bernanke said.

The central bank is aiming for low rates so businesses and consumers can borrow cheaply to help the economy recover.

Mortgage rates, for instance, are still under four percent for a traditional 30-year home loan.