What is the primary difference between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)?

Q. What is the primary difference between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)?
Answer: Fixed-rate mortgages maintain the same interest rate throughout the loan term.
Notes: A fixed-rate mortgage has a constant interest rate for the entire term, providing stability, while an adjustable-rate mortgage's interest rate fluctuates based on market conditions.

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📌 Question Number: 18 in Mortgage Services in the above course in App.