Mortgage rates moved up to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike nears. Experts now believe any drop in rates unlikely for borrowers any time soon. The housing market has stayed flat, and the Wall Street Journal notes it is heading toward a 7% mortgage.

Some lenders recovered after starting higher, according to Mortgage News Daily. CBS News reports borrowers must consider what a Fed rate hike could mean for mortgage rates and what steps to take. For borrowers, higher costs look probable as the Fed makes its move.