Mortgage rates increased to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. 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 set to encounter a 7% mortgage.
Some lenders regained ground after an early jump, according to Mortgage News Daily. CBS News reports borrowers should understand what a Fed rate hike could mean for home loan costs and what steps to take. For borrowers, higher costs look probable as the Fed acts.