A risky mortgage instrument that helped spark the Global Financial Crisis is on the rise, but three things are different this time around.
Adjustable-rate mortgages (ARMs), once the villain of the subprime meltdown, are surging in popularity as homebuyers look for savings in a high-rate era. The share of ARMs reached nearly 13% of all mortgage applications this fall, per the Mortgage Bankers Association, the highest level since 2008.
