The 30-year mortgage rate shot up the day after the Federal Reserve cut interest rates. - AFP/Getty Images Hours after the Federal Reserve cut its benchmark interest rate by 25 basis points on Wednesday, mortgage rates ticked up 9 basis points. Why did that happen? And will mortgage rates continue to climb from here? Most Read from MarketWatch While this trend might seem counterintuitive, the jump in mortgage rates was relatively small and driven by how financial markets are assessing the central bank’ ...