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Home is where the squeeze is. mortgage rates are at their highest in two decades. the average on a 30-year fixed rate loan is 6.92%. that's more than double from last year. cbs' danya bacchus is in burbank with the latest pricing trends. good evening, danya. >> reporter: good evening, adriana. even with sellers slashing prices, for many rising mortgage rates are putting the american dream of home ownership out of reach. inflation, soaring mortgage rates, record-high prices are making it extremely hard for many americans to buy a home. >> it is very expensive. >> reporter: housing affordability...

You are paying 10,000 dollars, someone on medicare on your prescription drugs you're going to save $8000 under the ira. these measures are in effect republicans say they want to take them away. if you are paying hundreds of dollars on insulin per month and now you get to pay $35 starting in january, they want to take that away. that to me is a recipe for more inflation, higher costs not easing the pressures that you just took us through. shannon: ils steve scalise the congressman is going to be with us in minutes but i'm going to ask about that. enemies have a site about mortgages. we talked a...

Just averaged 6.92, the highest since april of 2002. a year ago you could get a 30-year fixed-rate mortgage for just 3.05%. what do you think the chances are that they will go above 8%? where do you see them peaking? >> i think that we are testing the 7% mark. it is most likely to hold at this level and possibly even retreat somewhat after holding, but if it breaks the 7% line, the mortgage rate looks to go up even above 8%. we have to remember, when inflation is this high, last time back in the early 1980s, mortgage rate climbed up to 18%. of course, we don't see that, but i think the 7% is l...

Futures right now leaning a little bit lower. they've been jumping after this dramatic turn around for stocks on wall street. "the wall street journal" notes it was the first day in history. the dow plunged at least 500 points and rose at least 800 points in the same day. stocks dove on that report showing core inflation accelerating. it shook it off and meantime the fed's crusade to crush the inflation has driven mortgage rates to the highest since george w bush was in office. the average coming in at 6.92%. investors on pins and needles. several big companies including dick's, jpmorgan chase...

6.6% that is the fastest pace since 1982. it shows you that inflation is really stuck here in this economy even after the fed has been raising interest rates this much. food prices still going up. so your grocery bills are still higher and producer prices, these are up the food change, factory level inflation, these also running hot here, near the highest in 40 years, month over month up 0.4%. so the fed has been raising interest rates aggressively, not seeing that yet in cooling these inflation numbers. where you are seeing it, mortgage rates anybody in the market to buy a home or refinance a...