Mortgage rates increased to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike draws closer. Analysts now say rate cuts no longer expected for borrowers any time soon. The housing market has stayed flat, and the Wall Street Journal says it is set to encounter a 7% mortgage.

Some lenders bounced back after opening higher, according to Mortgage News Daily. CBS News reports borrowers should understand what a Fed rate hike could mean for home loan costs and what to do now. For borrowers, higher costs are likely as the Fed moves.