The recent Fed rate cuts have made a measurable difference for homebuyers — especially those financing larger home purchases. Getty Images/iStockphoto

The Federal Reserve's consecutive rate cuts in September and October have finally delivered some relief to prospective homebuyers who've been wrestling with stubbornly high mortgage loan costs over the last couple of years. Mortgage rates dropped to a three-year low just prior to the Fed's October announcement, and while rates have edged up slightly since then, the average 30-year fixed mortgage rate currently sits at just 6.22%. That's a meaningful decline from the 7%-plus rates that dominated the first quarter of the year, signaling that the market is slowly shifting in borrowers' favor.

For homebuyers who are eyeing mortga

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