Experts are encouraging homeowners make lump sum payments on their mortgages after several of Canada's major banks raised residential fixed mortgages rates.

Similar to the RBC and TD Canada Trust announcements Monday, CIBC, National Bank and Scotiabank hiked their three, four and five-year closed mortgages by 20, 40 and 60 basis points respectively on Tuesday.

The benchmark five-year fixed mortgage will now come coupled with a 5.85% interest at all three lenders. National Bank and Scotiabank are offering a discount on five-year plans for a limited time.

Mortgage specialists say homeowners risk debt loads they can't handle as rates come off historic lows.

Queen's University business professor Louis Gagnon said the rise means people should start looking ahead and pay down debt.

"It is time for mortgage borrowers to put themselves in risk-management mode," Gagnon said in a note sent to QMI.

"Interest rates have nowhere to go but up, which may have a big impact on mortgage payments when people renew," he said adding, leverage is out and deleveraging is in.

Real estate watchers say the increases will help cool at Canada's red-hot property market.

Economists say the fairly aggressive rate hikes are in response to the rallying bond market and suggestions by the Bank of Canada that its overnight lending rate could rise sooner than expected. Inflation has outpaced estimates in recent months and the central bank's pledge to keep interest rates low has been conditional upon core inflation hovering around or below 2%.