Question: What is the difference between a fixed rate mortgage (also know as conventional or conforming mortgages) and an adjustable rate mortgage (ARM)?Group of answer choicesThe

What is the difference between a fixed rate mortgage (also know as conventional or conforming mortgages) and an adjustable rate mortgage (ARM)?Group of answer choicesThe fixed rate mortgage will have a higher rate than the ARM, and the ARM will have lower interest rate risk in the event interest rates move up.The fixed rate mortgage will have a higher rate than the ARM, and the ARM will have higher interest rate risk in the event interest rates move up.The fixed rate mortgage will have a lower rate than the ARM, and the ARM will have lower interest rate risk in the event interest rates move up.The fixed rate mortgage will have a lower rate than the ARM, and the ARM will have higher interest rate risk in the event interest rates move up.

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