A day after the Fed raised short-term interest rates by a quarter of a percentage point, mortgage rates today for 30- and 15-year fixed loans dropped substantially, by nine and 10 basis points, respectively, while 5/1 ARMs dipped by two basis points, according to a NerdWallet survey of mortgage rates published by national lenders on Thursday morning.

Why the sharp drop in mortgage rates after a Fed rate hike? The increase was widely expected and had been built into mortgage loan pricing ahead of the announcement, so it wasn’t quite the shock to the system, Lynn Fisher, vice president of research and economics with the Mortgage Bankers Association, tells NerdWallet.

Mortgage Rates Yesterday,
Thursday, Mar. 16

(Change from 3/15)

30-year fixed: 4.45% APR (-0.09)
15-year fixed: 3.84% APR (-0.10)
5-1 ARM: 3.97% APR (-0.02)

Read more: https://www.nerdwallet.com/blog/mortgages/mortgage-rates-thursday-march-16-major-drop-2017-economic-forecast-conservative/