Westpac and CBA lift fixed rates

Fixed interest rates on home loans are rising, with Commonwealth Bank and Westpac lifting rates yesterday.

Commonwealth Bank's two-year rate will rise 40 basis points to 5.79 per cent and the five-year rate will jump 45 bps to 6.84 per cent. The seven-year rate will increase by 25 bps to 7.24 per cent.

Westpac will also increase its one-year rate by 20 bps, its two-year by 30 points, the three-year by 40 and the four- and five-year terms by 10 basis points.