ASX goes ballistic on best day in two years

A whopping 97 per cent of listed stocks have risen into Tuesday.

Iron ore futures fell 1.1 per cent to $US94.22 per tonne, while gold futures were up 1.8 per cent to $US1702 an ounce.

The Australian dollar lost nearly 0.5¢ on the US dollar to buy US64.8¢.

Australian 10-year bond yields also dropped 23 basis points to 3.69 per cent after beginning the day at 3.91 per cent.

The rise comes after a UN agency warned central banks were risking a global recession if they continue to push up interest rates.

Earlier on Tuesday, the Reserve Bank of Australia pushed through another interest rate rise of 0.25 per cent, marking the sixth rate rise since May.

The move has taken interest rates from a record low of 0.1 per cent to 2.6 per cent.

For a typical homeowner with a mortgage of $500,000, the October increase means homeowners need to fork out an extra $78 a month to cover repayments, according to Canstar.

It also means homeowners repayments have skyrocketed by an extra $729 overall since rate rises began in May.

A mortgage of $750,000, will see homeowners paying an extra $117 a month and $1095 more compared to six months ago.

Aussies with a $1 million mortgage will see loan repayments increase by a whopping $156 a month and an extra $1460 since May, according to Canstar analysis.

For those with a mortgage worth $2 million, repayments will shoot up $311 a month in October alone and will have increased by $2920 since May when rates began to rise.