Last week I said that the Fed had done a great job of making sure markets were fully prepared for the upcoming rate hike. That’s no great mystery, but it is something that needed to be seen to be truly believed. Markets were so prepared, in fact, that mortgage rates moved lower on the day of the Fed rate hike, and substantially lower the following day.
Source: Kevin Litwicki Universal Lending
Fed Finally Hikes. Mortgage Rates Fall. Wait… What?!