Sales of existing single-family homes slipped by 18 percent during the fourth quarter and by 16.6 percent in January year over year, according to the latest research by Fletcher Wilcox, vice president of business development for Grand Canyon Title Agency Inc.
Rising interest rates are one big reason for this, Wilcox said. Interest rates hovered below 4 percent for 19 consecutive months starting in November 2011. Since last May, the rates have climbed by almost 1 full point.
30-year fixed mortgage interest rates history.