We investigate the effect of magnon-magnon interactions on the dispersion and polarization of magnon modes in collinear antiferromagnetic (AF) insulators at finite temperatures. In two-sublattice AF systems with uniaxial easy-axis and biaxial easy-plane magneto-crystalline anisotropies, we implement a self-consistent Hartree-Fock mean-field approximation to explore the nonlinear thermal interactions. The resulting nonlinear magnon interactions separate into two-magnon intra- and interband scattering processes. Furthermore, we compute the temperature dependence of the magnon bandgap and AF resonance modes due to nonlinear magnon interactions for square and hexagonal lattices. In addition, we study the effect of magnon interactions on the polarization of magnon modes. We find that although the noninteracting eigenmodes in the uniaxial easy-axis case are circularly polarized, but in the presence of nonlinear thermal interactions the U(1) symmetry of the magnon Hamiltonian is broken. The attractive nonlinear interactions squeeze the low energy magnon modes and make them elliptical. In the biaxial easy-plane case, on the other hand, the bare eigenmodes of low energy magnons are elliptically polarized but thermal nonlinear interactions squeeze them further. Direct measurements of the predicted temperature-dependent AF resonance modes and their polarization can be used as a tool to probe the nonlinear interactions. Our findings establish a framework for exploring the effect of thermal magnon interactions in technologically important magnetic systems, such as magnetic stability of recently discovered two-dimensional magnetic materials, coherent transport of magnons, Bose-Einstein condensation of magnons, and magnonic topological insulators.