Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Market observers now think lower rates off the table for borrowers in the near term. The housing market has been stagnant, and the Wall Street Journal notes it is about to face a 7% mortgage.
Some lenders bounced back after opening higher, according to Mortgage News Daily. CBS News notes borrowers must consider what a Fed rate hike could mean for borrowers seeking mortgages and how to respond. For borrowers, higher costs are expected as the Fed moves.