The current mortgage rate environment delivers notably better affordability than what was available earlier this year or last fall. TEERAYUT CHAISARN/Getty Images

Throughout much of this year, homebuyers have watched mortgage rates remain stubbornly in the 7% range, meaning that affordability has remained a real issue, especially as home prices have remained elevated across most markets. Things began to shift recently, however, when the Federal Reserve issued back-to-back rate cuts in September and October in a bid to support economic growth. As the Fed slashed its benchmark rate, first by 25 basis points and then by another 25 basis points the following month, the mortgage market began to respond in tandem.

In other words, today's mortgage rate environment may finally

See Full Page