(ARA) - For all the dire coming out of the housing market, there's a big, shiny silver lining waiting for many homeowners and home buyers. The Federal Reserve has repeatedly dropped interest rates in the past month - good news for anyone seeking a mortgage. Does the lender make privately or federally insured or guaranteed loans? Some mortgage loans may be backed by a federal agency, such as the Federal Housing Administration (FHA loans) or the Department of Veterans Affairs (VA loans).