A fall in interest rates sparked by recent turmoil on the stock market would be good news for people with mortgages, it has been suggested.

With fears of a recession in the US and continuing concern about the impact of the credit crunch, the past week has been a dramatic one for investors but some suggest the uncertainty could offer opportunities for homeowners.

Mary Corrie, of women''s financial information website TheRichLady.com, explained that in the wake of the recent turbulence, there is a good chance that interest rates will drop further, something that could ease the pressure on people with mortgages.

She also offered reassurance to people nervous about the possibility of their home dropping in value, explaining that any falls are likely to be temporary and reflected across the rest of the market.

However, Ms Corrie urged people not to be complacent, explaining: "This market may still have some more surprises before it''s finished.

"Explore the opportunities this market gives to you."

The Bank of England will decide next month whether to cut interest rates from their current level of 5.5 per cent.