Mortgage rates increased 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 in the near term. The housing market has stayed flat, and the Wall Street Journal reports it is set to encounter a 7% mortgage.
Some lenders recovered after starting higher, according to Mortgage News Daily. CBS News reports 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.