Since 2008, from everything I've seen lenders are much more restrained about creditworthiness, so there are probably far fewer people buying houses that are only marginally affordable initially, with variable rates, and an interest-only initial period or other pre-programmed increase in basic payments. So I don't think the risk of that kind is as great as going into 2008.

But, yes, buying with variable rate mortgages when interest is at historic lows rather than paying a little bit extra initially for fixed rates is risky, and on a society wide scale that risk is going to materialize at some level.