Mortgage rates are finally easing after the Fed's recent rate cut, and that translates to lower monthly payments for buyers. Getty Images/iStockphoto

The Federal Reserve's decision to slash its benchmark rate by 25 basis points last week sent ripples through the mortgage market, delivering the kind of relief homebuyers and homeowners have been waiting for. As borrowers waited for official confirmation of the rate cut, the average 30-year fixed mortgage loan rate fell to 6.13% , bringing mortgage costs down to their most affordable level in the last three years. This shift represents a significant departure from the rate environment earlier this year, when borrowers were grappling with mortgage rates that averaged above 7%.

As rates dropped, both new mortgage loans and mortg

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