"Homebuilder Sentiment Surges as Mortgage Rates Hit 7-Month Low"

Mortgage rates have dropped to a 7-month low, with the average rate for a 30-year loan falling to 6.60%. This has led to an increase in homebuyers and sellers returning to the market, as borrowing costs have decreased significantly from their October high. The rise in inventory and decrease in mortgage rates have prompted an uptick in mortgage applications, with experts cautiously optimistic about the potential for increased home purchases in the coming months.