BankRate.com reminds us that mortgage rates are now at a 4-year high.  But not many other people are talking about it.

For example, the television news programs haven't latched on to the story.  Probably because it's not "sexy" enough.  Not many Americans care about the macroeconomic factors the impact mortgage rates on a day-to-day basis.

CBS News' new news anchor isn't talking about it.  And neither is NBC News' departing morning news co-anchor. And I don't think Fox even has a news program.

It's unfortunate that economics can be so dry because there is some real drama heating up. 

A few headlines culled from the Wall Street Journal this week (cue "The West Wing" music):

• "Dollar Finishes at 2-Month Low Against the Euro"
• "Snow Gets Muted Bush Support, Fueling Talk He Will Leave Soon"
• "Libby Says Bush Authorized Leaks"
• "Treasuries Slide Amid Rate Worries"

There have been no economic releases since Monday, and mortgage rates continue to climb. 

Some action is from investors placing bets in advance of tomorrow's Non-Farm Payrolls report.  But that can't be the sole reason.  More likely is that traders are fearful of a White House overhaul. 

Here's a quick recap of what's been spooking them lately:

1. Card was replaced by the anti-Snow Bolten. Traders hedged for a weaker dollar. 
2. Bernanke commandeered his first FOMC meeting -- traders hedged for higher interest rates. 
3. White House insiders rat out the President about intelligence leaks (which may prove to be false).  Traders hedged for political instability.

And mortgage rates reach their highest levels since 2002.

For as much as the media loves to talk about a real estate bubble, it's somewhat strange that this story about mortgage rates is not getting coverage.  After all, a higher cost of borrowing may be the true deflator of the housing market in the end. 

The press isn't connecting the dots on that yet.

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Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.