Mortgage rates bounced higher again this week, making homebuying even more expensive at the start of the all-important spring market.

With home prices skyrocketing, any rise in rates knocks even more potential buyers out of the running, and yet somehow the housing market is more competitive than ever.

The average rate on the 30-year fixed mortgage hit its last low of 2.75% at the end of January, and has since climbed pretty steadily, according to Mortgage News Daily. After a sizeable move overnight, it now stands at 3.45%.

“Since the beginning of February, the total damage is nearly 3/4ths of a percent, making it one of the biggest moves in any 6 weeks, ever,” said Matthew Graham, chief operating officer at Mortgage News Daily.

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