February 2024 witnessed a massive increase in the MBS Highway National Housing Index, which rose 13 points to 55 (from 42 in January 2024). This was driven primarily by a 16 point jump in the Buyer Activity sub-index (from 33 to 49). While part of this increase is normal seasonality, there is little doubt that buyers have been reenergized by lower mortgage rates, slightly higher inventory, and the prospect of Fed rate cuts ahead.