What will happen if interest rates fall below 3% or 4%?

What will happen if interest rates fall below 3% or 4%?
The most prominent thing would be that everyone with an interest rate of 5% or greater would refinance.
However, any decrease in interest rates will be the result of Quantitative Easing. QE would the response of the government to try and stimulate the economy.
Many people are eagerly waiting for a housing market crash that will give them the opportunity to purchase real estate at bargain prices. A housing crash is almost always in tantum with a wider economic recession. The issue people ignore is what they will do for income if there is an economic recession. Rooting for disaster is based on the false pretense that you will be left unscathed and fully able to liquidate your savings to purchase a house. What job will be left untouched by an economic catastrophe? A popular rebuttal to this argument is that unemployment was only about 10% during 2008 which suggests only 1 in 10 people were impacted by the recession. However, I would argue the majority of people were negatively impacted, especially people in cyclical and discretionary industries like construction, entertainment, dining, and retail. It is likely that the people that can’t afford a house now would be the most impacted by any sort of economic turbulence.
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