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Thomas Northcut/Getty Images(NEW YORK) A sluggish housing market for most of last year began to heat up as the calendar turned to 2024.In recent weeks, however, the market has cooled once again.A surge in mortgage rates accounts for the slowdown in the housing market, experts told ABC News, pointing to elevated home prices pushed out of reach for most consumers when combined with high borrowing costs.The jump in mortgage rates is due to stubbornly high inflation that has delayed interest rate cuts at the Federal Reserve, experts said. Mortgage rates track yields on 10-year treasury bonds, which are highly sensitive to the Fed s benchmark rate."High mortgage rates and high housing prices have led to an affordability problem of a dimension that we haven t seen in decades," Susan Wachter, a professor of real estate at University of Pennsylvania s Wharton School of Business, told ABC News.The average interest rate for a 30-year fixed mortgage has soared to 6.9%, rebounding afte

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