Every time the Federal Reserve cuts the Fed Funds rate, as they did by .75 percent the other day, mortgage companies are deluged by calls from borrowers with loans in process hoping they can get a better rate. Most of the time the answer is no! Don’t worry though – this isn’t your loan officer trying to take advantage of lower rates to make more money without passing it along to the consumer.

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For those who don’t know, Alan Greenspan was the Chairman of the Federal Reserve Board from August 1987 through January 2006. Many people have blamed him for the subprime mortgage meltdown that is driving many borrower’s back to FHA mortgages now. Alan Greenspan has just released an autobiography entitled The Age of Turbulence: Adventures in a New World in which he shares the story of his life and gives an in depth insight into the mind of a man whose actions have left an indelible imprint on all our lives and businesses. If you would like to get an insider’s view of what factors go into determining interest rates, even on FHA mortgages, I would encourage you to read this book.