Risky adjustable-rate mortgages are making a comeback

With mortgage rates staying firmly put above 6% for the foreseeable future, homebuyers are on the hunt for savings. And they’re finding them in adjustable-rate mortgages, or ARMs.The share of ARM applications reached 12.9% of total mortgage applications in September — the highest share since 2008, according to data from the Mortgage Bankers Association (MBA). At that time, 5/1 ARM rates averaged 5.66%, almost a full percentage point below the average 30-year fixed rate, the MBA said. But despite their gro ...