Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike nears. Experts now believe any drop in rates unlikely for borrowers any time soon. The housing market has stayed flat, and the Wall Street Journal notes it is set to encounter a 7% mortgage.
Some lenders regained ground after an early jump, according to Mortgage News Daily. CBS News notes borrowers must consider what a Fed rate hike could mean for home loan costs and what to do now. For borrowers, higher costs are expected as the Fed moves.