Marker tracking with phase-only cross correlation (POCC) is an efficient technique to localize instruments during percutaneous MR-guided interventions in closed-bore MR systems. Unfortunately, POCC is time-consuming, as additional marker images need to be continuously acquired. Here, we present a drastically accelerated POCC sequence that uses radially undersampled images to detect the passive marker. With a modified POCC algorithm this sequence can detect marker movements within less than 108ms thus providing a very fast position feedback. The precision of the POCC sequence was evaluated in phantom measurements, and a possible in vivo targeting scenario was demonstrated in a volunteer.