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 reports it is set to encounter a 7% mortgage.
Some lenders bounced back after opening higher, according to Mortgage News Daily. CBS News says borrowers must consider what a Fed rate hike could mean for home loan costs and how to respond. For borrowers, higher costs look probable as the Fed moves.