The above chart shows US interest rates for a 3 month Treaury Bill. As you can see, the trend since 1982 has been towards lower interest rates. It has gotten to the point where today, interest rates are near zero.
The Federal Reserve has a large say in the interest rate percentage. Their thinking is that if interest rates are low it will be more attractive for a consumer to use credit to purchase things like houses, cars, electronics, etc. Thus, with more things being spent, it will stimulate the economy and cause even more spending.
It's not that simple. With more people having access to credit, it artifificially puts the demand higher on the things that the credit purchases. So with an artificially high demand (and supply remaining constant) it costs more to buy a house, car companies can charge more for a new car, and electronics are higher than they normally would be.
Manipulation of the free market shows time and again that it creates artificial bubbles, raises prices for consumers, and damages the economy. By they way, this type of manipulation raises commodity prices such as gold and silver.
Source: http://neilski.typepad.com/chicago_gold_and_silver_i/2012/11/low-interest-rates-raise-prices.html
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