Mortgage rates climbed to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike draws closer. Experts now believe lower rates off the table for borrowers in the near term. The housing market has stayed flat, and the Wall Street Journal notes it is about to face a 7% mortgage.

Some lenders bounced back after opening higher, according to Mortgage News Daily. CBS News says borrowers need to know what a Fed rate hike could mean for home loan costs and how to respond. For borrowers, higher costs are expected as the Fed moves.