Rise in interest rates expected to slow down home sales: "The housing market is in a downturn right now"

With the Fed raising interest rates again, average long-term mortgage rates saw their biggest one week jump in 35 years. The average rate on the popular 30-year fixed mortgage rose to 6% — the highest it has been since the 2008 recession. 

But the sudden rise in interest rates is cooling off the housing market. In St. Louis, for example, pending sales of homes were down nearly 10% in May, compared to the same month last year. 

Those who can still afford to buy can expect to see a price increase, as the typical new mortgage payment has risen 52% over the last six months, according to information that Zonda, a real estate research company, provided to Fortune this week.