Mortgage rates moved up to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Market observers now think any drop in rates unlikely for borrowers in the coming months. The housing market has remained sluggish, and the Wall Street Journal notes it is set to encounter a 7% mortgage.
Some lenders recovered after starting higher, according to Mortgage News Daily. CBS News says 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 moves.