Burbank — Inflation, soaring mortgage rates and record high prices are making it difficult for many Americans to buy a home. But there could be some relief in sight, as skyrocketing rates have helped cool some of the nation's hottest housing markets. According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage now sits at 6.92%, the highest it has been since 2002, and more than double what it was just a year ago. Housing affordability is down 29% from a year ago, according to the National Association of Realtors. Consistent rate hikes from the Federal Reserve are also putting pressure on the real estate market. Nationwide, home prices soared 43% in two years, according to the S&P CoreLogic Case-Shiller Index.
But now, in c...
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