The Federal Reserve announced they were establishing a target range for the federal funds rate to 0% to 1/4% and committed to driving down mortgage rates with the following statement that was released:

...over the next few quarters the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant.

This is significant to home buyers and home owners who wish to refinance in the coming months.  We we likely see mortgage rates to continue to fall as new money is pumped into the system.  The reality is with rates dropping further from today's levels, it will be more cost effective to own than to rent and home buyers will be able take advantage of the mortgage interest tax deduction.  First time home buyers get a triple benefit since they also get to take the $7,500 tax credit when they buy a home.