Several versions of ARMs are being discontinued; including the 2/28, the 3/27 as well as most no proof of income loans. requiring no proof of income.

According to the Federal Reserve, about one in seven banks has toughened home lending standards even for borrowers with good credit. You'll find lenders stingier on appraisals, more persnickety on documentation and far less likely to finance 100 percent.

Also, in such locales as California and New York (where prices are high), rates on the 30-year jumbo (over $417,000) jumped nearly a percentage point between June and September.

If you have an adjustable-rate mortgage and you're not in bad financial shape, find out when your rate will reset, how high it will likely go and how high it could go.

If it's coming due soon and will end up above 7 percent, consider refinancing to a fixed rate. You'll need at least 10 percent equity and a credit score over 660. If you're under these, then please consider one of our mortgage kits.

Must buy? Get the best fixed rate you can (rates on a 30-year fixed are currently a sliver above 5/1 ARMs).