Mortgage rates increased to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Market observers now think 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 notes borrowers should understand what a Fed rate hike could mean for borrowers seeking mortgages and what to do now. For borrowers, higher costs look probable as the Fed acts.