The posted five-year closed mortgage rate has risen to its highest level in almost four years, as fears of higher interest rates drive up yields in the bond market.

Royal Bank, TD Bank and the Bank of Montreal on Thursday raised their posted five-year rate by a fifth of a percentage point to 6.95%.

That’s the highest posted rate for the benchmark five-year term since Sept. 4, 2002, according to figures from the Bank of Canada.

In July 2005, the posted five-year rate was 5.7%.