The Commonwealth Bank of Australia is the latest bank to increase costs for home buyers seeking to lock in their interest rate, raising rates on a range of fixed-rate home loans.

The country's biggest lender on Friday raised interest rates by 0.2 percentage points to 4.24 per cent for its three-year owner-occupied fixed-rate loan, the most popular term.

Two-year fixed rates will rise 0.15 per cent to 4.14 per cent, while five-year fixed rates will increase 0.6 per cent to 4.74 per cent.

As part of the changes, which also applied to investor loans, it reduced rates on four-year fixed rates by 0.2 percentage points to 4.14 per cent.