If you're planning to take out a $700,000 mortgage loan, you need to know what the payments could be now. Seng Kui Lim/Getty Images

With the Federal Reserve issuing back-to-back 25-basis-point rate cuts in September and October, mortgage rates have been on a downward slide recently, meaning that borrowers are finally catching a break. Case in point? Mortgage rates fell to a three-year low right before the October Fed rate cut was announced, and while rates have ticked back up slightly in the days since, the average 30-year fixed mortgage rate now sits at 6.17% . While that rate is up slightly from recent lows, it's a notable improvement from the 7%-plus territory that dominated the early part of the year.

In other words, the mortgage rate trend is still moving in the righ

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