Finance
An adjustable-rate mortgage (ARM) in New York typically features a rate that is tied to:
AThe New York State prime rate
BA financial index such as SOFR (Secured Overnight Financing Rate) plus a margin✓ Correct
CThe federal funds rate directly
DA rate set by the DOS
Explanation
ARM rates are typically tied to a financial index (such as SOFR, the successor to LIBOR) plus a lender's margin. The rate adjusts periodically based on changes in the index.
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