A publicly published number used to adjust the interest rate for an adjustable rate loan (ARM). An index (such as Treasury bills or the prime rate) reflects the lender’s cost of credit, and is not controlled by individual lenders.
Real Estate Glossary : Terms and Definitions
A publicly published number used to adjust the interest rate for an adjustable rate loan (ARM). An index (such as Treasury bills or the prime rate) reflects the lender’s cost of credit, and is not controlled by individual lenders.
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