When Jerry Steach bought his South Beach condo in the spring of 2004, he figured he'd sell it several years later. But the payment on his adjustable-rate mortgage has soared nearly 60 percent, and Steach now hopes to unload the property early next year.

Bay Area borrowers are starting to feel the sting of steadily rising mortgage rates -- a trend that could dampen a housing market already showing signs of moderating, according to economists.