- Disable Microsoft Office Updates (File/Account/Update Options and select the Disable Updates option)
- Open an administrative command prompt and then enter the following command:
"C:\Program Files\Common Files\microsoft shared\ClickToRun\OfficeC2RClient.exe" /update user updatetoversion=16.0.17726.20160
An Office update window appears, let it end, close it and that's all.
If you want you can enable the Updates option again but at the moment it's still not working from there.
Until Microsoft fixes it, when you know the build number of the next update, just run the above command with the new build number and you can always update Microsoft Office simply and easily.
Don't go back to a previous version as someone (from Microsoft as well) is saying, don't you think about the security vulnerabilities that doing this will become exploitable again?
I prefer getting the very latest version then wait for a fix by Microsoft.
The latest version at the moment is: 16.0.17726.20160, this post refers to this version. If and when a newer version comes out and if they still haven't fixed this bug, just run the command above replacing the build number with the latest build number you can get from the page containing the Office version builds.