The prime 30-year fixed mortgage rate quoted on Zillow remained roughly flat this past week, nudging upward just three basis points to an average of 3.8 percent.

Mortgage rates were mostly unchanged toward the end of last week, bumping just one basis point higher as the House passed the tax reform bill. The approval of the Republican tax reform bill signals that future tax cuts are more likely, which would mean faster growth and rising interest rates.

With a shortened Thanksgiving week, the main news regarding mortgage rate movement revolved around the likelihood of a rate hike in December. On Tuesday, Federal Reserve Chair Janet Yellen spoke in a moderated conversation, where she expressed doubt and caution over the state of inflation, but continued to signal that the Fed would proceed with rate hikes in the near term. This was solidified on Wednesday when the Federal Open Market Committee released their November meeting minutes, which indicated that there is a high probability of a 25 basis point increase in the target interest rate next month. With an increased likelihood of a hike, rates could nudge higher.

Markets will be closed tomorrow for Thanksgiving and open for a half day on Friday. As markets wind down for this holiday weekend, lenders are expected to price conservatively and rates will likely continue to hold steady.