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The typical 30-year fixed mortgage rate rose to 4.49 percent this week. The last time rates were this high was fall 2013. Zillow economic research director Aaron Terrazas cites comments from Fed officials, oil prices, and geopolitical tensions as factors behind the increase.

Oil prices have gone up over the past few weeks after both the U.S. announcement of withdrawal from the Iranian nuclear agreement, and the opening of the new U.S. embassy in Jerusalem. Zillow's Terrazas says that rising oil prices will push inflation higher, and will make other consumer prices increase. Additionally, some Fed officials have been questioning whether the bank will continue to hold its housing crisis bonds or sell them off before they mature. These bonds contribute to keeping lending rates low.

A combination of strong data, geopolitical risk and comments from several Federal Reserve officials contributed to the jump. Inflation and retail sales data point to rising inflation, a key indicator that has been lagging for much of the economic recovery, and upward revisions to retail sales data suggest a confident American consumer. Several comments also raised the possibility that the Federal Open Market Committee could lift short-term interest rates four more times this year rather than three as expected.

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