Average adjustable-rate mortgage rates ranged from 5.940% for a 5/6 jumbo SOFR loan to 6.498% for a 10/6 conforming SOFR loan, based on the latest Mortgage Research Center data reviewed by Fortune as of Aug. 26. ARMs typically offer a fixed introductory rate for three, five, seven or 10 years before adjusting according to a benchmark such as SOFR, plus a lender margin and subject to rate caps. Fixed-rate mortgages account for about 92% of mortgages in U.S. households, while roughly 8% of borrowers choose ARMs. The loans may suit buyers planning to move before the introductory period ends, real estate investors, or borrowers seeking lower initial costs during high-rate markets, but payments can rise and the terms are more complex to compare. Borrowers whose plans change can generally consider refinancing into a fixed-rate mortgage.