The monthly payments on a $600,000 mortgage look very different now than they did earlier this year. Krisanapong Detraphiphat/Getty Images

When the Federal Reserve announced its back-to-back rate cuts this fall, homebuyers across the country took notice. Though the Fed doesn't set mortgage rates directly, its policy decisions create momentum that ripples through lending markets. And, as the central bank moved to ease borrowing conditions in September and October, mortgage lenders responded by adjusting their own pricing . As a result, potential home buyers who had been sitting on the sidelines suddenly found themselves with a window of opportunity.

And, the results have been tangible. The current 30-year fixed mortgage rate is sitting at about 6% on average, a notable impro

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