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Adjustable-rate mortgage. A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The loan may be offered at the lender's standard variable rate/base rate.
These loans are a hybrid between mortgages with a fixed-rate term and those with an adjustable-rate period. With a hybrid ARM, the interest rate is ï¬xed for the first few years, and after that, the loan adjusts annually until it's paid off.