Mortgage rates increased to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike draws closer. Market observers now think rate cuts no longer expected for borrowers in the near term. The housing market has stayed flat, and the Wall Street Journal reports it is heading toward a 7% mortgage.
Some lenders recovered after starting higher, according to Mortgage News Daily. CBS News reports borrowers must consider what a Fed rate hike could mean for home loan costs and how to respond. For borrowers, higher costs are expected as the Fed makes its move.