Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike draws closer. Market observers now think lower rates off the table for borrowers any time soon. The housing market has remained sluggish, and the Wall Street Journal says 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 borrowers seeking mortgages and what to do now. For borrowers, higher costs are expected as the Fed moves.