Mortgage rates on Wednesday posted their first week-over-week increase for the first time since early November. Propelled upward by stellar jobs data, more cautious forward-looking statements from Federal Reserve officials and easing trade fears, rates reached their highest point in two weeks.

Friday’s blockbuster jobs report eased fears, at least for the moment, of an impending economic slowdown. Still, comments from Fed officials and the minutes from December’s Federal Reserve meeting revealed that some monetary policymakers are concerned about slowing global growth – sentiment that could imply a slower pace of interest rate hikes over the next year.

However, rates still sit well below the recent high-water mark they reached in the fall. As data from December begins to roll in, these relatively lower rates will provide an important test of exactly how much higher interest rates weighed on home sales and the overall housing market in the latter portion of 2018.

Looking ahead, key economic data releases are on hold while the federal government remains shut down, clouding the market’s read on the state of the economy at a critical moment when there is growing uncertainty about underlying economic fundamentals.