Mortgage rates increased to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike nears. Experts now believe lower rates off the table for borrowers any time soon. The housing market has stayed flat, and the Wall Street Journal reports it is about to face a 7% mortgage.
Some lenders regained ground after an early jump, according to Mortgage News Daily. CBS News says borrowers should understand what a Fed rate hike could mean for mortgage rates and what steps to take. For borrowers, higher costs are expected as the Fed acts.