Thousands face higher mortgage payments this year

(CNN)– Tens of thousands of home owners are about to get slammed with higher monthly payments.

Intercontinental Exchange says about 102 thousand homeowners who bought 5 year adjustable rates will face a re-set in the next 12 months.

More than 329 thousand mortgage holders this year have already had their rates adjusted.

This comes as would be homebuyers face one of the most unaffordable housing markets in decades.

While the rate jumps can sometimes catch people off guard, most arm loans come with an interest rate cap to prevent costs from spiraling out of control.