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The nation’s housing market has never been this tight, which is frustrating enough for house hunters, but now they have another problem.

Mortgage rates, which have hovered around record lows since the start of the Covid pandemic, are now rising. It’s what one potential buyer called “a perfect storm.” Another described it as “agony.”  

At a Sunday open house in Waldorf, Maryland, last weekend, there were already three offers on the three-bedroom home before it even started. By Tuesday, the agent’s deadline, there were nine.

“We’re stuck between a rock and a hard place,” said Rondie Robinson, who was there with his wife and daughter. Robinson said he recently got a new job and is looking to upgrade to a larger home.