Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Market observers now think lower rates off the table for borrowers any time soon. The housing market has stayed flat, and the Wall Street Journal reports it is set to encounter 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 mortgage rates and what steps to take. For borrowers, higher costs are likely as the Fed acts.