With the economy in its current state (i.e. horrific), interest rates on loans are very low right now. I have heard people say that right now is a 'good' time to take out a loan, and that it is a buyer's market in real estate. Recently, I talked to somebody who decided to buy a house. The conversation was short, but the quick reason he gave was that the interest rate on the mortgage was so low it didn't make sense not to buy. I understand the benefit of such low interest rates over a period of time, but I can't help but feel that these low rates are somehow a gimmick to trick people into taking out loans.
My question is the one in the title. But more specifically, are there any hidden details that come with taking a loan out when interest rates are low that I should be aware of? (Besides the obvious of then having more debt!)