The Gov’t (Rep or Dem) does not determine the interest rate. The short-term rate is determined by Fed. The long-term rate is affected by a lot of factors like bonds, inflation, US economy, Gov’t & Fed’s policy, banks & lenders, and even global economy as well.
It is my own opinion, if the housing market crashes, it will take a few years to recover. So, Fed will likely to keep the rate low. Look at the history of last housing downtime. The rate was kept realtively low for a few years. Especially, there are so many terrible mortgage problems now. If Fed rasies the rate a lot, it will cause serious recession. Right now, the Fed hands on and tries to bal. If it sees any market at risk, it will adjust the rate to bal the economy.
Nobody can make sure, only prediction! Any uncertain factor can affect the rate. However, interest rate is not like stock. It does not fluctuate a lot at a time. You should monitor the rate all the time if you are concerned.
