Suncorp Bank and ING Direct are the latest mortgage lenders to increase variable rates. Suncorp will raise its variable rate on new and existing investor home loans by 15 basis points, while ING Direct will raise rates for both owner-occupiers and investors.Suncorp's change applies to its Back to Basics, Access Equity and Standard Variable mortgages. The standard variable rate for investors rises to 5.87 per cent next Tuesday, compared with a standard variable rate of 5.4 per cent for owner-occupiers.ING Direct's Orange Advantage rate for owner-occupiers moves up 15 bps to 4.8 per cent. The bank is also increasing savings rates.These moves follow a similar change by National Australia Bank, which is increasing its investor mortgage rate by 15 bps to 5.55 per cent, compared with the owner-occupier rate of 5.25 per cent.Westpac has announced that it will increase rates by eight bps for all mortgage borrowers with interest-only loans.Suncorp banking and wealth acting chief executive Steven Kluss said most borrowers were paying rates that were well below the headline rates, thanks to discounts and special offers.Kluss said: "Financial markets have witnessed some significant moves since the US election, particularly within bond, currency and commodity markets. Bond rates have drifted higher since their record lows in the middle of the year and funding markets in Australia have also become more expensive."Bond rates serve as a benchmark for the swaps banks use when they sell fixed-rate loans and rising bond rates will usually lead to an increase in fixed mortgage rates.However, it is unusual for a bank to justify increasing variable rates by pointing to bond market movements.Industry researcher Mozo reported that Westpac, Bank of Sydney, Community First Credit Union and ME increased variable mortgage rates last month.And in the fixed rate market, 19 lenders increased rates, with most of the activity around three-year rates.Mozo said there was plenty of evidence that the interest rate cycle was turning.