Mortgage rates have soared since early September. The average 30-year fixed mortgage rate finally reached 7.5% on Monday, Sept. 28, according to Mortgage News Daily data, its highest point since April 30, 2024.

Real estate technology company Zillow reports that the 30-year fixed-rate mortgage (FRM) is holding at its highest level in a year. And the firm has a major prediction: “Newly pending listings, a forward-looking measure of demand, fell 2.6% from a year ago, a sign that the slowdown could continue through the remainder of the year,” Zillow wrote.