Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike nears. Analysts now say rate cuts no longer expected for borrowers in the coming months. The housing market has remained sluggish, and the Wall Street Journal says it is about to face a 7% mortgage.
Some lenders regained ground after an early jump, according to Mortgage News Daily. CBS News says borrowers should understand what a Fed rate hike could mean for home loan costs and what steps to take. For borrowers, higher costs are likely as the Fed acts.