Mortgage rates moved up to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Analysts now say lower rates off the table for borrowers any time soon. The housing market has been stagnant, and the Wall Street Journal notes it is heading toward a 7% mortgage.
Some lenders regained ground after an early jump, according to Mortgage News Daily. CBS News notes borrowers need to know what a Fed rate hike could mean for mortgage rates and what to do now. For borrowers, higher costs are likely as the Fed acts.