Coldwell Banker reported findings from a new survey that looked at how the recently expanded federal homebuyer tax credut might impact the economy. 83% of 1000 homebuyers surveyed responded that if they were to purchase a home and qualify for the tax credit, they would engage in “smart spending” of the money. This means they would put the money toward paying off existing debts, home improvements, savings/investments, or everydayhousehold expenses.

According to the survey, 34% of homeowners said they would use the tax credit to pay off debts, followed closely by home improvements (29%) and making investments (28%).

In addition, Coldwell Banker found that 20% of homeowners indicated they were more likelyto consider purchasing a home than they were six months ago, after learning about the federal tax credit.

The National Association of Realtors recently reported that 47% of 2009 home sales were to first-time buyers, so clearly the initial tax credit worked. This survey offers positive indicators that there are more existing homeowners considering a home purchase today  than there were six months ago.

Interest rates on a 30-year fixed mortgage have dipped to an all-time low giving consumers a big reason to consider buying a home now. Freddie Mac recently stated that the average rate on a 30-year loan was 4.71% with an average .7 point. This is the lowest rate since the agency began it’s weekly tracking in 1971. A point is equal to 1% of the loan amount, payable in a lump sum at closing.

Rates are so low right now because since early January of 2009, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac. In September, 2009, the Federal Reserve said it would wind down this purchase program by March 20, 2010. In a recently published mortgage survey, loan experts predicted that rates will increase in the next 30-45 days. For comparison, at this time last year, 30-year fixed rate mortgages were at 5.53%.

Regardless of the survey, the general consensus is that interest rates are super low right now, and they may be the lowest the market will see for a long time. Remember also that these very low rates are offered to the most credit-worthy consumers who can make a sizable (usually at least 20%) down payment.

So should you buy now? It all depends on your personal situation. Homebuyers have a lot of factors in their favor right now — low interest rates, plenty of competitively-priced homes for sale, and an extended and expanded federal tax credit that will expire in the spring.

On the flip side, there is some sentiment that housing prices may fall further. Lenders are expected to get more specific at determining which buyers will qualify for loan modifications. If they don’t agree to a loan modification, lenders will move homes more quickly through the foreclosure process. And home values may depreciate in response.

So it’s your choice. Take advantage of all of the factors in your favor as a homebuyer right now, or wait for prices to fall further. Either way, the first six months of 2010 should be a great time to buy!