It does however cause it to go stale much faster. Better idea is to keep it in the freezer and take out a little bread as needed, then thawing out more as you eat.
When I still lived with my parents, they kept bread in a room temperature and we quite often had to toss away moldy ones. When I moved on my own I started keeping it in the fridge and I don't think I've had mold once. I toast it virtually every time anyway so doesn't really matter. Also it's dark rye bread which probably keeps differently than one made from while flour