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A mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indexes. Adjustable Rate Mortgages often have fixed rates for a designated period of time and then adjust on a pre-determined schedule in accordance with values of a chosen index. The most common indexes are the rates on 1-year constant-maturity Treasury (CMT) securities, the Cost of Funds Index (COFI), and the London Interbank Offered Rate (LIBOR).