Here are the monthly payments on an $800,000 mortgage now that rates have dropped

If you're planning to borrow $800,000 to buy a home, you should know what the payments on your mortgage could be at today's rates. zenstock/Getty Images

The housing market has seen a notable shift in recent months. Mortgage rates were sitting at nearly 7% at the start of the year, but despite some brief upticks, rates have gradually declined overall . And, now that the Federal Reserve's first rate cut of 2025 is complete, mortgage rates are sitting at just over 6.3% on average. For prospective homebuyers eyeing properties in the $800,000 range — a price point common in major metropolitan areas and coastal markets — this rate drop could translate into a significant amount of savings each month.

While the difference between January's rates and today's figures might seem modes