Mortgage rates were decisively higher this week, reaching their highest levels in more than seven years, following Friday’s release of stellar jobs data.

The report, which carries as much influence on the market as any, exceeded expectations and showed exceptionally strong employment and wage growth. As a result, the Federal Reserve, which meets on Thursday, has yet another data point suggesting that the U.S. economy can withstand additional rate increases. Although any policy changes are not expected from Thursday’s meeting, markets will be listening closely to the Fed’s announcement for clues about future rate decisions and/or deviations from the current scheduled hikes.

Following the jobs report, markets entered a holding pattern heading into Tuesday’s midterm election. Results of the vote were largely in line with forecasts and, despite some overnight volatility, the impacts to rates has thus far been modest.

Looking forward, however, the fallout from the election may paint a different picture. A divided Congress would likely have a harder time enacting new legislation: Odds of new tax cuts are diminished, but so are the odds of any improvement in the fiscal outlook. As a result, upward momentum for rates is likely to continue in the near term.