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TeachMeFinance.com - explain index Index -- a measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage. another definition... index -- a number that is adjusted at set intervals to describe relative changes in the quantity of goods, services or levels of activity. An example is the consumer-price index. Changes in interest payments of adjustable rate mortgages are usually based on an index such as the National Average Mortgage Contract Rate Index or Cost of Funds Index published by the Office of Thrift Supervision. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.