Mortgage rates ticked up slightly this week and enjoyed a period of relative calm, as markets eagerly anticipated Federal Reserve policy updates and gauges of the economy for where to head next. But more pronounced movements are likely in the coming days.

After rising strongly and consistently to 20-year highs earlier in October, rates came back down in recent weeks, indicating that investors landed at a point in which they believed expectations for key economic data and the Fed’s plans were sufficiently ‘priced-in.’ But this serene stretch will almost certainly end in the days ahead as said insights into the state of the economy begin to arrive. Wednesday’s policy announcement from the Federal Reserve – in which they raised benchmark interest rates to their highest point since 2008 – and a follow up statement that suggested more interest rate hikes will be necessary, sent bond yields first down, then up, as investors digested the information.

Mortgage rates – which are influenced by bond yields – seem likely to rise in the next day or two, but it’s also not unusual for rates to take a couple days to truly react to Fed’s statements, especially in today’s economic climate. Further clouding the picture for investors are the upcoming release of Friday’s October jobs report and next week’s reading on inflation – two reports that should shed even more light on the economy’s current and future state. All told, the calm waters on which mortgage rates have recently sailed appear likely to get choppier.