Mortgage Rates Jump to 7.28% as Fed Hike Looms

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By Daniel Taylor • Updated Sep 15, 2026 at 22:55

What a Fed rate hike could mean for mortgage rates (and what borrowers need to do now) - CBS News — Mortgage Rates Jump to 7.28% as Fed Hike Looms

Mortgage rates increased 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 reports it is set to encounter a 7% mortgage.

Some lenders bounced back after opening higher, according to Mortgage News Daily. CBS News notes borrowers should understand what a Fed rate hike could mean for mortgage rates and how to respond. For borrowers, higher costs are expected as the Fed makes its move.

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