Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike nears. Market observers now think rate cuts no longer expected for borrowers in the near term. The housing market has stayed flat, and the Wall Street Journal says it is about to face a 7% mortgage.
Some lenders bounced back after opening higher, according to Mortgage News Daily. CBS News notes borrowers must consider what a Fed rate hike could mean for mortgage rates and what steps to take. For borrowers, higher costs are likely as the Fed moves.