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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.
ARM Mortgage Rates Average 2.99%. Today's mortgage rates remain near historical lows and, with more than 6 million U.S. homes eligible to refinance, a mini-refinance boom is underway. According to Freddie Mac's most recent mortgage rate survey, 30-year fixed rate mortgages currently average 3.93 percent nationwide; and, 15-year fixed rate mortgages average 3.16%.