Homebuyers give risky adjustable-rate loans another look | News

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Once notorious, adjustable-rate mortgages have made a comeback lately as homebuyers wrestling with rising interest rates take on greater financial risk in exchange for lower payments, recalling for some the lending excesses that contributed to the housing bust of 2006-07.

ARMs, as the home-loan products are called, represented 7 percent of all U.S. mortgage applications during the week ended Aug. 12, more than twice January’s rate but down from a peak of 9.5 percent a month and a half prior.

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