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Will my ARM interest rate change on July 1, 2023 because of the index change?

A
Will my ARM interest rate change on July 1, 2023 because of the index change?

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

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