An increasing share of homebuyers are turning toward riskier, adjustable-rate mortgages, in search of relief from high monthly home payments. David Paul Morris/Bloomberg/Getty Images/FILE

Nakul Mishra is already thinking about refinancing – even before he closes on his first home.

The 34-year-old had spent two years searching for the right home in Sacramento to settle into with his family. He finally found one he could afford, but not without some risk.

This month, Mishra opted to take out a seven-year adjustable-rate mortgage (ARM), betting he’ll score a lower rate before the fixed period expires. It’s a calculation more buyers are making lately as ARMs – the mortgage products that helped fuel housing market risk in the lead-up to the 2008 financial crisis – regain popularity.

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