The way I see it, it's a win-win. If the Fed's stay out of it, we all win. If they intervene and get rates that low the big picture is not very good, but it will open many doors for those willing to play the market.
I know you are intelligent enough to be very opportunistic about it. Bottom line, I think it would be very wise to buy now. Buy a rental or two also if you can afford it.
Many men have become very rich because of bubbles like these. I have to admit, I actually got a little bit giddy when I first read about that.