There will be few if any visible benefits to the mortgage markets. Few potential buyers are offered the lower tax rates 2012. Typically only those making very large down payments (in some cases 40% or more) are offered the advertised lowest rates. Lending constraints go beyond interest rates. Very stringent standards are being applied for borrower qualification. The Fed can’t change of this. If anything the Fed has chosen to continue to severly penalize savers who respond by saving more at the lower rates rather than spending.