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DEFINITION of 'ARM Index'. The benchmark interest rate to which an adjustable rate mortgage is tied. An adjustable rate mortgage's interest rate consists of an index value plus a margin. The index underlying the adjustable rate mortgage is variable, while the margin is constant. There are several popular indexes used for different types of adjustable rate mortgages. This is also referred to as the fully indexed interest rate.
Use this ARM mortgage calculator to get an estimate. An adjustable-rate mortgage (ARM) is a good short term mortgage option that offers a lower initial interest rate and monthly payment. After your introductory rate term expires, your payment rate may increase.