Java Developers decide Strings are immutable due to the following aspect design, efficiency, and security.
Design Strings are created in a special memory area in java heap known as "String Intern pool". While you creating new String (Not in the case of using String() constructor or any other String functions which internally use the String() constructor for creating a new String object; String() constructor always create new string constant in the pool unless we call the method intern()) variable it searches the pool to check whether is it already exist. If it is exist, then return reference of the existing String object. If the String is not immutable, changing the String with one reference will lead to the wrong value for the other references.
According to this article on DZone: