Rise in US mortgage rates catches homebuyers off guard

New York

SINCE the Nov 8 election, US mortgage rates have climbed roughly half a percentage point to a 16-month high, adding hundreds, sometimes thousands, of dollars to a homebuyer's yearly payments.

The speed and size of the increase took many lenders and borrowers by surprise - and the increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year.