Mortgage rates moved up to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Market observers now think lower rates off the table for borrowers in the coming months. The housing market has remained sluggish, and the Wall Street Journal notes it is about to face a 7% mortgage.
Some lenders recovered after starting higher, according to Mortgage News Daily. CBS News says borrowers must consider what a Fed rate hike could mean for mortgage rates and what steps to take. For borrowers, higher costs are likely as the Fed makes its move.