The new quantitative easing by the federal reserve may make borrowing costs for refinancing cheaper, but it is hard to say how much of the savings will translate into economic growth, although the banks and a lot of business will continue to profit from the low interest rates. The fed now says they will try to keep interest rates low through the middle of 2015. Here is an article in USA Today by Paul Davidson that goes into a little more detail:
http://www.usatoday.com/money/business/story/2012/09/14/low-interest-rates-may-get-few-borrowers-off-sidelines/57778426/1
Time will tell how successful the new round of quantitative easing will be, but longterm it is definitely inflationary!
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