When I low carbed before, I lost over a stone in 2 weeks and then I gave up as I couldn't tolerate the diet at the time. However, the weight didn't come back (at that time) as I think the low carb had suppressed my appetite - so I must have been losing fat (and possibly muscle as with most people in calorie deficit) alongside gaining any lost water back, meaning I neither lost nor gained weight for a few weeks after.
I've just started with high protein low carb again yesterday (and am at my max weight ever). I had planned to just do this to get into ketosis and then move onto VLCD (thereby not having to go through a phase of extreme hunger) - but looking at how full I feel after day 1 despite managing to be in calorie deficit - I've realised I'd be quite happy to low carb as a way of life. I just need to check that it's not dangerous to be on 30g carbs, 60g fat, 115g protein (along with a multivitamin) on a continuous basis :/
Good luck if you've just started low-carbing. I'd expect you to lose a good 6 or 7 pounds at the very least over the first couple of weeks, but for it to then decrease. It depends on your current weight too of course.