Text size: increase text sizedecrease text size

Pay attention to interest rates

INTERVIEW BY LAURA MANN
August 31, 2007

"It is not in a buyer's best interest to try to time the real estate market to your advantage. If you wait for lower prices and the interest rate increases, this will cost you more over the life of the loan. For example, if you took out a $280,000, 30-year fixed rate mortgage at 5.5 percent, your monthly payment would be about $1,589. When the interest rate is raised to 6.5 percent, that same monthly payment will only get you a loan of about $250,000." Norm Marcioch, Prudential Douglas Elliman Real Estate, Sayville.

Related topic galleries: Real Estate Buyers, Money and Monetary Policy

Get breaking news | Most popular stories | Dining and Travel deals all via e-mail!

Copyright © 2008, Newsday Inc.

Special Sections

Photos & Entertainment

Long Island Data

Databases
 DJIANASDAQSPX
Find Stock Quotes

Newsday.com to go

Now you can add Newsday.com headlines to your blog or favorite social networking sites:
Facebook
MySpace
iGoogle
 Typepad
Blogger
Twitter
Join Newsday's social media network

New York City