What are the monthly payments on a $1 million mortgage now that the Fed has cut rates?

The monthly payments on a $1 million mortgage loan are a lot more affordable for borrowers now that the Fed has cut rates. Javier Zayas/Javier Zayas Photography/Getty Images

The Federal Reserve's long-anticipated rate pivot finally arrived last week, offering some much-needed relief to borrowers. After months of holding its benchmark rate steady, the Fed trimmed its benchmark rate by a quarter-point, bringing it down to a range of 4.00% to 4.25%. This marked the Fed's first rate cut since late last year, signaling that, despite still-high inflation , the central bank is finally ready to shift gears as the economy shows new signs of strain .

The Fed's move had a swift impact on mortgage rates , even before it was formally announced, with 30-year fixed mortgage rates