Mortgage rates went up Tuesday for the second time in two weeks as the Bank of Canada sent a strong signal that it may increase interest rates to fight inflation.

RBC Royal Bank, TD Canada Trust, BMO Bank of Montreal and CIBC have all raised mortgage rates by up to 30 basis points, effective Wednesday.

The posted rate for a five-year closed mortgage is now 7.14%. The banks had boosted the rate for the five-year term to 6.84% less than two weeks ago.

Other banks are expected to follow with rate hikes of their own.

Yields in the bond market jumped Tuesday after the Bank of Canada delivered a strong hint that it may boost interest rates soon to fight inflation.

The yield on the benchmark two-year Government of Canada bond jumped more than a tenth of a percentage point to 4.57%. It was just 4.18% at the start of May.

The posted rate for a five-year closed mortgage is now lower than those for two-year, three-year or four-year mortgages.