Propelled by positive employment and payroll data, along with the underlying strength of the U.S. economy, mortgage rates skyrocketed this week to their highest levels in more than seven years.

Markets tend respond to economic releases in fits and spurts, with sharp movements often followed by brief retreats. However, there is no doubt that the trend is decisively higher — indeed, rates did recede slightly over the last couple days, but are still up substantially from a week prior. Following a mundane end to August, rates have risen consistently to begin the fall, and comments from several Fed officials this week bolstered the notion that the American economy can withstand even higher rates, suggesting that the trend could very well continue.

Looking ahead at a light week of economic releases, analysts will be closely following Thursday’s consumer price data release for signs of these conditions changing. If prices are rising faster than expected, rates would be primed to ascend even higher. A weaker release could offer borrowers a temporary reprieve, although it will take more than a one rate-friendly data release to undo recent rallies.