New home listings are still on the rise, despite mortgage rates hitting the highest level in more than 20 years. And those high mortgage rates are pushing monthly housing payments higher than they’ve ever been.

A new report from Redfin found that it isn’t just sky-high mortgage rates increasing home prices. It’s the fact that despite rising inventory, there still aren’t enough homes for sale to meet the demand and even though listings are growing, the number of homes for sale is still down 14% from last year.

For the week ending Sept. 28, mortgage rates were 7.31%, the highest they’ve been in nearly 23 years and up from 6.7% a year ago.

Redfin economic research lead Chen Zhao said there are several reasons mortgage rates are still climbing.

“The Fed hinted that another interest rate hike before the end of the year is likely, the latest job market data came in stronger than expected, and the yield curve is steepening as investors prepare for higher rates for longer,” Zhao said. “Turmoil in Congress isn’t helping, either, as the clash among House Republicans stemming from the narrowly missed government shutdown is causing volatility in stock and bond markets.“

The good news is there is some hope for buyers. The report found more homeowners are listing after months of declines, as new listings rose 3% in September, helping stem the traditional fall decline in inventory. 

Similar to last month, the rise in mortgage rates and growing home prices aren’t deterring potential buyers, but they will have to pay a premium. The median sale price of a home last month rose 2.9% from last year to $370,900, with a median asking price up 4.6% to $389,950.

As has been the case for most of the year, homeowners continue to hang onto their low mortgage rates. That’s causing continued big drops in inventory, as the total number of homes for sale is down 14% from last year.