You are right that "hello" for the first case is mutable and for the second case is immutable string. And they are kept in read-only memory before initialization. 
In the first case the mutable memory is initialized/copied from immutable string. In the second case the pointer refers to immutable string.
For first case wikipedia says,
The values for these variables are initially stored within the
  read-only memory (typically within .text) and are copied into the
  .data segment during the start-up routine of the program.
Let us examine segment.c file.
char*s = "hello"; // string
char sar[] = "hello"; // string array
char content[32];
int main(int argc, char*argv[]) {
        char psar[] = "parhello"; // local/private string array
        char*ps = "phello"; // private string
        content[0] = 1;
        sar[3] = 1; // OK
        // sar++; // not allowed
        // s[2] = 1; // segmentation fault
        s = sar;
        s[2] = 1; // OK
        psar[3] = 1; // OK
        // ps[2] = 1; // segmentation fault
        ps = psar;
        ps[2] = 1; // OK
        return 0;
}
Here is the assembly generated for segment.c file. Note that both s and sar is in global aka .data segment. It seems sar is const pointer to a mutable initialized memory or not pointer at all(practically it is an array). And eventually it has an implication that sizeof(sar) = 6 is different to sizeof(s) = 8. There are "hello" and "phello" in readonly(.rodata) section and effectively immutable. 
    .file   "segment.c"
    .globl  s
    .section    .rodata
.LC0:
    .string "hello"
    .data
    .align 8
    .type   s, @object
    .size   s, 8
s:
    .quad   .LC0
    .globl  sar
    .type   sar, @object
    .size   sar, 6
sar:
    .string "hello"
    .comm   content,32,32
    .section    .rodata
.LC1:
    .string "phello"
    .text
    .globl  main
    .type   main, @function
main:
.LFB0:
    .cfi_startproc
    pushq   %rbp
    .cfi_def_cfa_offset 16
    .cfi_offset 6, -16
    movq    %rsp, %rbp
    .cfi_def_cfa_register 6
    subq    $64, %rsp
    movl    %edi, -52(%rbp)
    movq    %rsi, -64(%rbp)
    movq    %fs:40, %rax
    movq    %rax, -8(%rbp)
    xorl    %eax, %eax
    movl    $1752326512, -32(%rbp)
    movl    $1869376613, -28(%rbp)
    movb    $0, -24(%rbp)
    movq    $.LC1, -40(%rbp)
    movb    $1, content(%rip)
    movb    $1, sar+3(%rip)
    movq    $sar, s(%rip)
    movq    s(%rip), %rax
    addq    $2, %rax
    movb    $1, (%rax)
    movb    $1, -29(%rbp)
    leaq    -32(%rbp), %rax
    movq    %rax, -40(%rbp)
    movq    -40(%rbp), %rax
    addq    $2, %rax
    movb    $1, (%rax)
    movl    $0, %eax
    movq    -8(%rbp), %rdx
    xorq    %fs:40, %rdx
    je  .L2
    call    __stack_chk_fail
.L2:
    leave
    .cfi_def_cfa 7, 8
    ret
    .cfi_endproc
.LFE0:
    .size   main, .-main
    .ident  "GCC: (Ubuntu/Linaro 4.6.3-1ubuntu5) 4.6.3"
    .section    .note.GNU-stack,"",@progbits
Again for local variable in main, the compiler does not bother to create a name. And it may keep it in register or in stack memory.
Note that local variable value "parhello" is optimized into 1752326512 and 1869376613 numbers. I discovered it by changing the value of "parhello" to "parhellp". The diff of the assembly output is as follows,
39c39
<   movl    $1886153829, -28(%rbp)
---
>   movl    $1869376613, -28(%rbp)
So there is no separate immutable store for psar . It is turned into integers in the code segment.