Mortgage rates held flat this week, kept in check by offsetting forces from abroad, breaking a two-week-long slide that saw rates hit their lowest levels since September.

U.S.-China trade tensions appeared to ease this week after China announced new foreign investment policies that most perceived to be more welcoming to foreign businesses. The move boosted stock markets and stemmed the downward trend in rates. But this positive momentum was restrained by growing political uncertainty in Europe. Governments in the U.K., France and Spain faced new doubts about their durability, preventing rates from moving decidedly upward.

Domestically, Wednesday’s inflation data release also bolstered rates. The release met consensus predictions and showed stable prices over the past month, despite weakness in energy prices.

Next week’s much-anticipated meeting of the Federal Reserve Open Market Committee will shape expectations for the week ahead. Markets expect another rate hike in December, but the committee’s forward guidance will be the more important determinant of long-term rates. Before that, eyes will be on Friday’s release of November retail data – key metrics that reflect holiday spending and consumer sentiment.