Mortgage rates moved up to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike nears. Experts now believe rate cuts no longer expected for borrowers any time soon. The housing market has been stagnant, and the Wall Street Journal notes it is set to encounter 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 borrowers seeking mortgages and what to do now. For borrowers, higher costs are expected as the Fed makes its move.