Taking out a $450,000 mortgage loan at today's rates could lead to some big savings on your monthly payments. Tatiana Sviridova/Getty Images

The gap between renting and owning a home has narrowed considerably in recent months, creating a window of opportunity that many would-be homebuyers have been waiting for. As the Federal Reserve slashed its benchmark rate in late September, mortgage rates dropped in tandem, falling to an average of 6.13% for a 30-year fixed-rate mortgage loan — the lowest level in three years.

That mortgage rate decline is now reshaping the market landscape for buyers across the country. What seemed financially out of reach when mortgage rates were sitting at over 7% now looks increasingly achievable for households with steady income and decent credit

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