What are the monthly payments on a $900,000 mortgage after the recent Fed rate cut?
The Fed's rate cuts have improved mortgage affordability, but the costs remain substantial for high-value loans.
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Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics, from the benefits of gold investing to the many uses of home equity loans.
Angelica previously held editorial roles at Bankrate, HousingWire and other financial publications, where she focused on insurance, credit cards and mortgage and housing content. She has also written for publications like The Motley Fool and Forbes Advisor. Prior to working in personal finance, Angelica held editorial roles at alt-weeklies that include the Houston Press and the Dallas Observer.
The Fed's rate cuts have improved mortgage affordability, but the costs remain substantial for high-value loans.
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The recent rate cuts by the Fed have led to mortgage payment reductions for buyers in this price range.
Borrowers taking out $600,000 mortgage loans today are paying a lot less than they would have just months ago.
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If you're buying a home in the $750,000 range, recent rate shifts have had a big impact on what's owed each month.