Mortgage rates tumbled even after the Federal Open Market Committee elected to raise rates last week, experiencing the greatest weekly drop in months.

“This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week’s jump following the FOMC announcement,” Freddie Mac Chief Economist Sean Becketti said.

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(Source: Freddie Mac)

The 30-year fixed-rate mortgage dropped seven basis points to 4.23% for the week ending March 23, 2017. This is down from last week’s 4.3% but up from last year’s 3.71%.

The 15-year FRM also decreased, falling to 3.44%, down from last week’s 3.5%. However, it remained higher than last year’s 2.96%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage decreased from last week’s 3.28% to 3.24% this week. It remains up from last year’s 2.89%.

“The 10-year Treasury yield fell about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields and dropped seven basis points to 4.23%,” Becketti said.