I don't know how many people are still out there actively looking for a home to buy in this market, but after this week I would suspect it's even less:

The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. That's the highest point since early November.

Mortgage rates follow loosely the yield on the 10-year Treasury, which leapt higher following a much stronger-than-expected employment report from ADP.

Data from Freddie Mac show that rates, which have been rising steadily since December of 2021, are rising markedly following a rough plateau that began in January.

Rates hit record lows amid the chaos of the pandemic, contributing to a flurry of homebuying in what was already a red-hot housing market.

The spike in mortgage rates, on the other hand, is driving an eye-popping increase in the amount of interest that homebuyers will be expected to pay on their homes:

As CNBC notes, the last week of interest hikes alone means that, for homebuyers taking out a $400,000 mortgage, "the monthly payment of principal and interest rose to $2,720 from $2,637 in just one week."