What a Trillion or so can do....

If we view the mortgage funds supply like a python...imagine it just ate a rhinoceros. The Federal Reserve "fed the python" a little over a trillion dollars this week in yet another attempt to get funds into the hands of people willing to spend them. Average mortgage interest rates fell to just under 5% just a tad above it's most recent low in January of this year. I suspect rates will fall even lower as the markets absorb the impact of the Fed's infusion. Is this a great time to be a buyer or WHAT?