Yields in money markets range from stable to rock solid, a factor proving to be of lesser importance amid an out-of-cycle hike on variable rates on home loans.ANZ and Bendigo Bank on Friday announced increases to variable rates, bringing the number of lenders that have made similar moves over the past week to six.ANZ's variable rate on investor mortgages will rise eight basis points to 5.6 per cent. There is no change to the standard variable rate for owner-occupiers.Bendigo Bank is increasing the variable rate for owner-occupiers and investors. The ten bps increase will see the investor rate rise to 5.76 per cent and owner-occupier rate to 5.48 per cent.They join National Australia Bank, Westpac, ING Direct and Suncorp Bank, which have all announced variable rate changes over the past week.ING Direct's 15 bps increase applies to owner-occupiers and investors, Suncorp's 15 bps increase applies only to investors and NAB's 15 bps increase also applies only to investors.Westpac has taken a different approach, increasing variable rates by eight bps for all mortgage borrowers with interest-only loans.Industry researcher Mozo reported that Bank of Sydney, Community First Credit Union and ME increased variable mortgage rates last month.Some lenders pointed out that loan discounting meant that most borrowers would be paying less than the standard variable rate.At least one bank announced deposit rate increases. ING Direct is increasing the rate on Savings Maximiser by as much as 25 bps.All banks pointed to higher funding costs as the reason for the changes.Bendigo and Adelaide Bank chief executive Mike Hirst said in a statement: "The cost of funding loans through both retail deposits and wholesale term debt is rising. Global financial markets have been volatile and this is impacting the cost of raising funds domestically as competition for stable deposits increases."ANZ group executive Australia Fred Ohlsson said in a statement that the changes were in response to "rising funding costs and changing market conditions."Data on rising funding costs tells an interesting story, with bond market measures dominant.The RBA overnight rate matches the target rate - at present 1.50 per cent - while 30 day bank bills have traded at 1.62 per cent or near enough each day since mid August 2016.The RBA has the three month overnight index swap at 1.49 per cent. This is near unchanged since August and a clear cut lower cost than at earlier points in the year.Bloomberg had two-year bonds yields at 1.76 per cent on Friday, up from the low 1.60s and below per cent in early November.The five-year bond rate, at 2.29 per cent, finished the week on a high. Funding in this tenor will be at yields three quarters of a per cent more expensive than mid-year and half a per cent more than a month ago.Ten-year bonds had an up and down week, ending about the same as a week before. Their ending rate of 2.81 per cent is a winner for some rates' traders. Above all it's a wide gap from the long stretch of