Time to Buy a House

I have been contemplating a house purchase for a while now. I know I'm going to be in the area for at least 3 more years, and the housing market looks like its at or near the bottom.

Last week, the Fed's move to pump more money into mortgages and to back the purchase of "Toxic" mortgage backed securities sent mortgages rates down significantly.

As you can see from the chart, interest rates have been steadily falling, and I believe its at its lowest possible point.

On top of of that, there is still a $8K credit from the IRS.

I think its time to help out the economy, save myself some taxes, and save on rent payments that don't build nay equity.