Here’s a not-so-fun fact: The monthly mortgage payment it takes to buy the typical home in the U.S. is now up by a staggering 55% compared with the start of last year. That’s because of the dramatic rise in mortgage rates in recent weeks on top of price gains in the hot housing market.

“It’s pretty insane,” says Nick Cacciatore, who’s looking to buy a house in Tampa, Fla. “It’s very demoralizing.”