Fixedratemortgages | ESSENTIAL |

: Mention the introduction of the 30-year FRM during the Great Depression by the Federal Housing Administration (FHA).

: Summarize why FRMs remain the most popular choice for long-term homeowners. Sample Essay: The Architecture of Predictability fixedratemortgages

: Address the "lock-in" effect, higher initial rates compared to ARMs, and the cost of refinancing. : Mention the introduction of the 30-year FRM