Which of the following is NOT commonly associated with adjustable rate mortgages (ARMs)?

Adjustable rate mortgages (ARMs) are designed to have interest rates that can fluctuate over time, typically in relation to a specific benchmark index. This variability means that the common characteristics associated with ARMs include components like an inflation index, which helps determine how the interest rate adjusts, and a variable interest rate, which reflects the changes in the market.

While ARMs can include features like payment caps to prevent drastic increases in monthly payments, a fixed interest rate is fundamentally different from what an ARM represents. ARMs are distinguished by their adjustable nature, which is fundamentally contrary to the idea of having a fixed interest rate that remains constant throughout the life of the loan. Thus, a fixed interest rate is not commonly associated with adjustable rate mortgages.