Amid the round the clock news coverage of these tragic events, one message is clear: Things will not be the same for a long, long time. As America begins the massive clean up, everyone is doing their part to bring back normalcy -- including Federal Reserve Chairman Alan Greenspan.

On Monday morning, the Fed voted to cut two key interest rates before the stock exchanges opened. The cuts were designed to send a message to financial markets that the Fed would "continue to supply unusually large volumes of liquidity to the financial markets as needed until more normal market functioning is restored."

Specifically, the Fed lowered the federal funds rate -- the rate that banks charge each other for over night funds - from 3.5 percent to 3 percent. The Fed also cut the discount rate by a half point -- a rate on loans directly from the Fed -- to 2.50 percent.

Market analysts applauded the cuts, saying the move was designed to bolster American confidence and help keep the economic wheels turning in the wake of the disaster.

Let's talk a little bit about how these cuts directly affect the American consumer.

First, banks across the nation lowered their prime lending rate to six percent. This is the benchmark rate for most business and consumer loans. For the millions of homeowners who have home equity loans tied to the prime rate, your interest rate just dropped by a half a percent. For those homeowners who have enjoyed watching their property value increase, a home equity loan is a great deal these days if you're looking to pay off other debt, finance college or make home improvements. Six percent and probably tax deductible -- a very cheap source of money.

For folks who have credit card debt may see a drop in the rates charged by credit card companies.

Likewise, many commercial and business loans are tied to the prime rate. As these loans get less expensive for businesses, the savings are often passed on to the American consumer through cheaper retail prices.

Now let's talk about mortgage rates.

As of Monday morning, the Fed's action had little affect on mortgages. Remember that the Fed controls short term rates and market forces control long term rates, including those on mortgage loans.

I'm not one to predict interest rates, especially over the short term, but the current economic situation certainly points to a possibility that mortgage rates could continue to fall. We have a faltering economy coupled with a monumental tragedy and a Federal Reserve Board that is prepared to continue to cut short term rates to support economic growth and spending. This environment, in my mind, is fertile ground for lower long term interest rates.

So homeowners, keep an eye on the market. Cutting your mortgage rate by refinancing can potentially save you thousands of dollars per year. If you're thinking of buying a home, interest rates are low. In many areas of the country a mortgage payment is more affordable than a rent payment.

With any luck, mortgage rates will continue to fall. This will enable millions of consumers to save money and buy more houses which will certainly help prop up our economy.

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