Adjustable rate mortgages have a long term -they might last for thirty years -but the interest rate is not fixed for the whole thirty years.

可调利率抵押贷款的期限很长,也许会长达30年,但是利率在30年间并不是固定的

耶鲁公开课 - 金融市场课程节选

That was the lesson of the European Monetary System debacle of 1992-93 (and, arguably, of the downfall of the pegged-but-adjustable regimes used in Asia until last year).

ECONOMIST: One world, one money

Last year alone, 40% of adjustable rate mortgages and interest-only loans were categorized as subprime.

FORBES: Magazine Article

The average rate on a one-year adjustable-rate mortgage slipped to 2.62 percent from 2.63 percent last week.

NPR: US Rate On 30-Year Mortgage Ticks Up To 3.57 Pct.