Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike draws closer. Analysts now say any drop in rates unlikely for borrowers any time soon. The housing market has stayed flat, and the Wall Street Journal says it is heading toward a 7% mortgage.
Some lenders bounced back after opening higher, according to Mortgage News Daily. CBS News says 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 moves.