On a personal level, I'm not opposed to dropping the home mortgage interest rate to 4.5 percent. I currently have a sweet 5.25 percent 30 year fixed rate on my house (from August 2003) along with a 6.9 percent fixed home equity loan. If I'm able to consolidate both by refinancing at 4.5, I'm absolutely going to do it. I imagine many others will as well.
The only problem is, you know, the colon X-rays they'll demand. Getting a mortgage, even during the bubble, was a serious pain in the ass. I can only imagine what the banks will require now.