Mortgage rates increased to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike nears. Market observers now think rate cuts no longer expected for borrowers in the near term. The housing market has remained sluggish, and the Wall Street Journal says it is set to encounter a 7% mortgage.

Some lenders regained ground after an early jump, according to Mortgage News Daily. CBS News reports borrowers need to know what a Fed rate hike could mean for home loan costs and how to respond. For borrowers, higher costs are likely as the Fed acts.