Smart Borrower Blog

30 Year Mortgage Rates On The Rise


Jan 23rd, 2009 @ 6:12 PM by Alden Smith


After my post last week about interest rates, and their decline, research shows me that they are once again on the rise.  Freddie Mac reports the average at 5.12 percent, up from 4.96 percent last week.  Fifteen year fixed mortgage rose from 4.65 percent to 4.8 percent.  Five-year adjustable mortgages fell to 5.24 percent, the lowest level since September 2005, and one-year adjustable rates rose to 4.92 percent from 4.89 percent last week.

The market seems to be waffling a bit, which is understandable with a new administration coming in, and hopes for a brighter future for Americans.  I expect to see rates see-saw a lot in the coming quarters, as the market tries to correct itself.  One thing I believe right now is this – no one can really out guess or predict where the mortgage market will go.  There are too many things to be factored in to make it understandable.  This will be one for the history books, much like people of my generation were taught the lessons of the Great Depression.  I do not expect President Obama to get the kind of cooperation he will need to turn things around quickly.  Congress will certainly be testing him in the first 100 days to see what they can get away with, and how willing he will be to compromise.

From what I read, it will be very hard for anyone to either get a new loan or refi an existing one.  Couple this with consumer confidence at an all time low, people not opening their wallets right now, and fear in the marketplace, and you have a very volatile situation.

I seriously do not think we will see any kind of corrections or stability for at least another year – possibly two.    It will take that long for the transition team to get the skinny on what is really going on, and then they have to wheel and deal with Congress and the Senate to try and fix it.  I am curious how this will go – President Obama has vowed to do away with government earmarks, and I am thinking that is going to be a tough row to hoe.  We can only wait and see what the next year or two brings.

Until then the American public will need to hunker down and take the blows as they are given.  Then again, we have Merrill Lynch, John Thain, BOA and the whole employee compensation thing to worry about in the process.  Anyone have a spare $10 billion laying around they don’t need?  BOA is calling, and they want you

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