Mortgage rates moved up to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike nears. Experts now believe rate cuts no longer expected for borrowers in the near term. The housing market has stayed flat, and the Wall Street Journal says it is about to face a 7% mortgage.

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