Previous Record Low Rates Hurting Home Sales

New York, NY, July 11, 2014 -- Low interest rates are keeping some people from selling their homes, which is limiting supply and putting a damper on the housing recovery.

The Associated Press reported that some people who refinanced or purchased when rates hit a record low rate of 3.3% in 2012 are finding that today's higher rates of 4% or more mean their payments might well go up even if they buy a house of the same price.

Over the last 30 years, AP said, homeowners could generally count on mortgage rates to be lower when they decided to sell their homes, which made selling even more attractive.