Canada’s biggest banks are hiking mortgage rates for the second time in just over a month.

TD Canada Trust and RBC raised their short-term fixed mortgage rates by 20 basis points effective Tuesday while the cost of the benchmark five-year closed mortgage will jump 35 basis points to 5.69%, though lower promotional rates are available.

In March, most major lenders introduced quarter-point hikes to their five-year fixed rates.

The new rates reflect rising bond yields and the subsequent increase in the cost of funds, TD said Monday.

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