Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike draws closer. Analysts now say lower rates off the table for borrowers any time soon. The housing market has remained sluggish, and the Wall Street Journal reports it is set to encounter 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 borrowers seeking mortgages and what to do now. For borrowers, higher costs look probable as the Fed moves.