The super-low mortgage rates that tens of millions of Americans locked in during the refinancing boom are now discouraging many of these borrowers from buying another home and giving up those loans.

The multiyear refinancing craze, which included some of the lowest rates ever recorded, freed up cash for borrowers to sink into the economy. But refinancing activity began receding last spring, and rates have been rising since. The average rate on a 30-year, fixed-rate mortgage hit 4.32 percent this week, up from 3.54 percent a year ago, according to mortgage-finance firm Freddie Mac, based in McLean, Va.

The higher rates, soaring home prices and a tight inventory have kept potential buyers on the sidelines, hurting the sales of previously owned homes and undermining the recovery of the housing market, a huge contributor to economic growth. Homeowners who are reluctant to move and lose their low rates — a phenomenon that economists call interest rate “lock-in” — could slow the churn of home sales across the country.

A healthy turnover of homes is critical to a robust housing sector, enabling critical first-time home buyers to enter the market and existing homeowners to move or trade up. But housing experts worry that interest rates, which are expected to gradually rise to nearly 6 percent by late next year, will chill enthusiasm for home purchases. They say they’re already seeing signs of that, most recently among existing homeowners.

It’s too early to quantify the impact of the lock-in phenomenon. But it’s happened before and could happen again, say researchers who have studied the effects of rising rates on housing turnover.Statements by Federal Reserve Chair Janet L. Yellen this week sparked investor fears that the agency could soon begin allowing a key interest rate to rise, helping push mortgage rates even higher.

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