Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike draws closer. Analysts now say rate cuts no longer expected for borrowers in the near term. The housing market has stayed flat, and the Wall Street Journal notes it is heading toward a 7% mortgage.
Some lenders regained ground after an early jump, according to Mortgage News Daily. CBS News notes borrowers need to know what a Fed rate hike could mean for mortgage rates and how to respond. For borrowers, higher costs look probable as the Fed makes its move.