With rising costs of borrowing on the bond market the big banks (TD and RBC) decided to raise mortgage rates.

The biggest increase in rates are the 5 to 10 year closed mortgages , which will increase by 0.35 percentage points starting Tuesday.

The rate for a five-year closed mortgage will rise to 5.69 percent.

The move comes three weeks after TD cut mortgage rates, citing lower bond yields.

RBC's five-year closed mortgage moved up 0.35 percentage points to 5.69 percent.