It was bound to happen, I just wish it didn't happen so soon.

Here is a little snipet from the CNN website....

"Mortgage interest rates have been at historical lows all year, never surpassing an average of 5.25% (with 0.8 origination points and fee) before this week. But home sales have lagged despite these low rates, even with home prices at their most affordable levels in many years and a first-time homebuyers tax credit that, effectively, lowers purchase prices by up to $8,000."

Of course, the possibility of rising interest rates could convince people to buy, according to Tom Kunz, CEO of real estate agency franchiser Century 21.

"There's a segment of the market saying, 'Prices are still falling. I'll wait for the bottom,'" he said. "These people will probably miss the bottom. Even if they could save $15,000 or $20,000 on the purchase price, the savings could be wiped out by the rise in interest rates."

When it comes down to it, rates are still very low if looked at in the long term.

Check out the whole story here.