Mortgage rates moved up to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike nears. Market observers now think any drop in rates unlikely for borrowers in the near term. The housing market has been stagnant, 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 says borrowers need to know what a Fed rate hike could mean for home loan costs and what steps to take. For borrowers, higher costs are expected as the Fed makes its move.