The average prime 30-year fixed mortgage rate quoted on Zillow was flat last week for a second consecutive week as markets and lenders were largely quiet between Christmas and New Year’s. Mortgage rates ended 2017 at 3.78 percent, about 17 basis points below where they started the year. This corresponds to about the 60th percentile of daily mortgage rates over the course of 2017, meaning that rates were higher in 40 percent of the days in 2017.

The relative tranquility in financial markets continued into the first few days of 2018 with markets largely flat after the Federal Reserve published minutes from the Open Market Committee’s December meeting. While there had been speculation about whether the minutes would provide greater insight into the central bank’s views on recent fiscal policy changes, the minutes did not convey strong inclinations about how tax cuts could affect growth and what that might mean for interest rates.

Friday’s December Jobs Report will be another opportunity for markets to assess the state of the U.S. labor market. If the data come in as expected, they should show a strong job market at the end of 2017.