There are two parts to the interest rate on an ARM: the index and the margin. SoFi ARM rates are determined by using the SOFR Index ( Secured Overnight Financing Rate) plus a margin. The rate you pay is set at each adjustment period by adding the margin ( which remains the same) to the index. The SOFR index is currently published by the Federal Reserve Bank of New York and lenders do not have any control over the financial rate indexes.
To learn more about the SOFR Index, read the What index do you use? Help Center Article.
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