Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Analysts now say lower rates off the table for borrowers in the coming months. The housing market has stayed flat, and the Wall Street Journal says it is about to face a 7% mortgage.
Some lenders regained ground after an early jump, according to Mortgage News Daily. CBS News notes borrowers need to know what a Fed rate hike could mean for mortgage rates and how to respond. For borrowers, higher costs are likely as the Fed makes its move.