Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Analysts now say lower rates off the table for borrowers in the coming months. 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 notes borrowers must consider what a Fed rate hike could mean for mortgage rates and what to do now. For borrowers, higher costs look probable as the Fed acts.