If your note reflects a 1 month LIBOR, your new SOFR index will be based on the 1 month SOFR.

The same logic will be applied for all LIBOR indices to be replaced with the equivalent SOFR, including the 3 month, 6 month, 12 month, and other similar indices.

SOFR is published every business day by the New York Federal Reserve for the previous business day.

You can view the latest published rate and available history for SOFR on the NewYorkFed.org website.

Interest rates on ARM products are not all adjusting because of the index change.

However, if you have a HELOC which adjusts monthly, or if your ARM note or modification Change Date is July 1, 2023, then your new interest rate will be calculated using the SOFR index along with your margin.

Learn more about how  interest rate is calculated on an ARM loan in this FAQ