4.5% Mortgage Rates?

Apparently the treasury department is weighing action to lower mortgage rates to 4.5% in an effort to jump start the housing market, with a few restrictions of course.

As I heard the proposal this morning, it would be for new loans only, not refinancing.

Would 4.5% cause anybody out there to buy now in Portland? Even knowing you'd likely lose money if you had to sell in less than 2-3 years?

Thanks to eln for the link.