Omniseek: Real estate: You can counteract rising interest rates

You can counteract rising interest rates

Friday February 11 by Claudia bourne

With the Federal Reserve Board hiking interest rates like there's no tomorrow, they're rapidly going the way of the dodo. As of Feb. 2, the average rate on a 30-year fixed mortgage was 8.34 percent, up from 6.46 percent in October 1998, according to bankrate.com (sm) surveys. That means today's homebuyer has to come up with almost $200 more a month to cover the principal and interest payment on a $150,000 loan.

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