What is the difference between an adjustable rate mortgage and a fixed rate mortgage?
user
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assistant
Great, what is the answer?
user
An adjustable rate mortgage (ARM) lets you pay a lower rate of interest for a period of time, and then later you can adjust the interest rate to a higher rate.
assistant
What is a fixed rate mortgage?
user
A fixed rate mortgage (FRM) gives you a fixed rate of interest for the life of the loan.  For example, it might give you a 2.8% interest rate for the entire life of the loan.
assistant
What is the difference between an adjustable rate mortgage and a fixed rate mortgage?
user
I think I know the answer!
assistant
Great, what is the answer?
user
An adjustable rate mortgage (ARM) lets you pay a lower rate of interest for a period of time, and then later you can adjust the interest rate to a higher rate.
assistant
What is a fixed rate mortgage?
user
A fixed rate mortgage (FRM) does not let you adjust the interest rate, and so you pay the same amount of interest each month.
assistant
What is the difference between an adjustable rate mortgage and a fixed rate mortgage?