Even small rate moves matter, especially for those considering larger mortgage loan amounts, like $550,000. Peter Dazeley/Getty Images

After a rough couple of years for mortgage rates, the Federal Reserve's recent 25-basis-point rate cuts , issued back-to-back in September and October, have finally offered borrowers a bit of breathing room. While mortgage rates don't move in lockstep with the Fed's benchmark rate, they often trend in the same direction , and the latest shift helped nudge home loan borrowing costs off their recent highs. Right now, the average 30-year mortgage rate is sitting in the low-6% range , down from the low-7% range that was common earlier this year.

That type of rate drop may not seem terribly substantial on paper, but it can actually translat

See Full Page