Buying a $600K home in today's rate landscape could be a lot more affordable than it was a few months ago. sakchai vongsasiripat/Getty Images

For millions of Americans shopping for homes in today's market, a $600,000 mortgage isn't an extravagance. In this landscape, it's just the reality of buying a home in many major cities or high-cost areas across the nation. Luckily, a recent decline in mortgage rates , which occurred in tandem with the Federal Reserve slashing its benchmark rate last month, has made the cost of homeownership significantly more manageable for many borrowers.

While numerous factors drive mortgage rates , the Fed's rate decisions can have a big impact on where rates head next. And that's precisely what occurred when the central bank conducted its first

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