Americans hoping for relief from high borrowing costs may have to wait longer, with the Federal Reserve keeping interest rates elevated and investors increasingly preparing for the possibility of another rate hike before the end of the year. But rather than preparing for rate cuts, financial markets are now considering when the Fed could raise rates again. "The outlook for interest rates is higher for longer and could rise further," Mark Hamrick, an economic analyst and founder of The Hamrick Brief, told CNBC. For consumers, that outlook means many of the borrowing costs that have strained household budgets are unlikely to fall significantly anytime soon. "Calling an environment where interest rates are higher for longer a mixed blessing might be a stretch, but there are constructive aspects," Hamrick said.