Every once in a while, I get this wierd urge to check the latest mortgage rates. For me, it’s not enough to just look at Bankrate.com or to hear the nuggets that show up on the evening news

Instead, I actually go and plop in my credit score, loan amount, etc. over at E-Loan. I got my mortgage from E-Loan when I first bought my house, and their website is probably the easiest to use and has the most reasonable rates of any that I have seen.

So, despite the fact that everyone is saying that we have the highest rates since 2002, the rate for my loan would be a whopping 7/8% higher than 1.5 years ago when I locked in my rate. The monthly payment would be an incredible $86 more.

Yes, rates for ARMs have gone up much more than the rates for fixed mortgages, but they also went down a lot more in 2002 as the FOMC was inflating the housing bubble er… lowering rates. ARMs are not as rate competetive as they used to be, i.e., the situation is returning to normal.