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Fortune

Alena Botros

Homebuyers are finally feeling relief now that monthly payments are at their lowest level in 8 months

Redfin Daryl Fairweather US Federal Reserve

(Credit: Getty Images)

After more than a year of mostly rising mortgage rates, homebuyers have something to cheer about.

The average 30-year fixed mortgage rate fell to 6.62% today, to its lowest level since May, after the Federal Reserve left interest rates unchanged and signaled three interest rate cuts next year.

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