Manipulating interest rates, good or evil?

The Fed keeps buying up mortgage-backed securities with the end goal of freeing up bank's money to loan to people like you and me.  This is called quantitative easing and the tactic has recently been used before (twice actually).  Coupled with that is the Fed's statement that they plan to keep short-term rates very low.  While I appreciate this and recommend anyone who can afford to borrow to do so now or in the near future, part of me wishes the Fed would allow the rates to rise slowly so there isn't a steep incline at some point.  Just like everything, there are two sides to every story but it is something to keep your eye on and will hopefully guide your short-term buying decisions with probable long-term scenarios.