Mortgage rates moved up to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Experts now believe any drop in rates unlikely for borrowers in the near term. The housing market has remained sluggish, and the Wall Street Journal says it is heading toward a 7% mortgage.

Some lenders recovered after starting higher, according to Mortgage News Daily. CBS News says borrowers should understand what a Fed rate hike could mean for mortgage rates and what to do now. For borrowers, higher costs look probable as the Fed moves.