Mortgage rates were essentially flat this week, fluctuating only slightly during a quiet week without many market-moving economic releases.

Strong Chinese data drove last week’s rate increases, and this week’s subtle rate movements also were mostly driven by international news: European data revealed waning business confidence in Germany and France, news that nudged mortgage rates downward.

Still, economic uncertainty has been subsiding in recent weeks which, in general, is applying upward pressure on rates. The pace of economic data releases picks up significantly in the coming days, beginning with Friday’s initial reading of first-quarter U.S. gross domestic product and continuing into next week with inflation figures and April’s Federal Open Market Committee meeting. While a federal funds rate hike, and sharp mortgage rate increases, are highly unlikely, rates could face stronger upward pressure should these other market-moving releases exceed expectations.