The mortgage rate you secure can either stretch your budget uncomfortably or offer breathing room to enjoy homeownership. Dragon Claws/Getty Images

The Federal Reserve's consecutive rate cuts in September and October have brought welcome relief to the mortgage market. While the Fed's rate shifts don't directly drive mortgage rates, they still tend to have an impact on where these (and other) rates head next. For example, in late October, just prior to the official Fed rate announcement, mortgage rates briefly touched three-year lows as lenders shifted to align with the expected changes.

Since that time, mortgage rates have ticked slightly higher, and the average 30-year fixed mortgage rate is now sitting at just over 6.2%. That's up slightly from the rates we saw in lat

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