Adjustable-rate mortgages are obviously a hot item these days, even in the dwindling market for refinancings. New figures from the Federal Home Loan Mortgage Corp. show that people who refinanced in the second quarter chose adjustables far more frequently than in the first quarter or at any time last year.

Mortgage rates climbed sharply in the second quarter, and many borrowers seeking lower payments and budget flexibility found that the best choices were ARMs, said Vassilis Lekkas, senior economist at Freddie Mac.

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