Homeowners with adjustable-rate mortgages (ARMs) are bracing for an increase in their monthly payments this year as initial low-rate terms expire amid historically high interest rates. With approximately 1.7 million ARMs set to reset in 2024, many homeowners could see their payments nearly double, especially those who borrowed with lower interest rates over the past few years. The looming adjustment is challenging as the Federal Reserve maintains higher rates to combat persistent inflation, potentially straining households that once benefited from initial lower borrowing costs. According to a …