Approximately 150,000 U.S. homeowners with adjustable-rate mortgages (ARMs) will see their interest rates adjust for the first time this year, with another 186,000 and 155,000 homeowners facing their first adjustments in 2027 and 2028, respectively, according to the latest data from mortgage data company ICE Mortgage Technology. With current interest rates significantly higher than when many borrowers initially secured their loans, these homeowners could see their monthly payments increase by hundreds of dollars, with some even exceeding $1,000. For example, a seven-year ARM issued in 2019 with an initial median rate of 3% would now adjust to a median rate of 6.06%, leading to a median monthly payment increase of $1,080. There are currently 3.1 million outstanding ARMs in the U.S., with 1.05 million already in their adjustable phase. ARMs account for 5.6% of the total active mortgages in the U.S.