High mortgage rates force first-time homebuyers to rely on family gifts for down payments, dampening builder confidence

National Association of Home Builders CEO warns first-time homebuyers are relying on family gifts and inheritance for down payments.

Builder confidence plunged for third straight month in October as mortgage rates weigh on demand.

38% of buyers under 30 used family cash gift or inheritance for down payment according to Redfin.

Tobin says "anything goes" for young buyers to get deals done amid low supply, high demand.

Tobin urges Fed to stop interest rate hikes to help increase affordability and builder sentiment.