Mortgage rates moved up to 7.28% on Tuesday, Sept. 15, as a Federal Reserve rate hike looms. Experts now believe any drop in rates unlikely for borrowers in the coming months. The housing market has been stagnant, and the Wall Street Journal says it is heading toward a 7% mortgage.

Some lenders recovered after starting higher, according to Mortgage News Daily. CBS News reports borrowers must consider what a Fed rate hike could mean for borrowers seeking mortgages and what steps to take. For borrowers, higher costs are expected as the Fed makes its move.