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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.
For example, a 30-year fixed-rate loan has a term of 30 years. Note: Bank of America adjustable-rate mortgage (ARM) loans feature an initial fixed interest rate period (typically 3, 5, 7 or 10 years) after which the interest rate becomes adjustable for the remainder of the loan term.