The increases were partly driven by rising U.S. Treasury yields, with the 5-year rising above 4% following stronger-than-expected inflation data. That, in turn, helped lift Canadian bond yields, which are closely linked to their U.S. counterparts.

The average rate on 30-year fixed home loans increased to 6.72% for the week ending July 10, up from 6.67% last week.

Inflation data out Tuesday showed early signs of tariff-induced price growth. Here's why that's not good news for mortgage rates.