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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.
An independent, third party index is used in every adjustable rate mortgage. All adjustable rate mortgages (ARMs) have indexes used in calculating future interest rate changes. An index is the base rate from which your new interest rate is built at each adjustment period. Ideally, you want an index that is stable, widely available for verifying, and simple to understand.