The interest rate charged on adjustable-rate mortgages will change from time to time based on a specified index.

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This statement is true. Adjustable-rate mortgages (ARMs) have interest rates that are tied to a specified index, such as the London Interbank Offered Rate (LIBOR) or the Treasury Constant Maturity Index (TCM), which can fluctuate over time. This means that the interest rate on an ARM can go up or down depending on changes in the index, and the borrower's monthly mortgage payment will change accordingly.

The Interest Rate Charged on Adjustable-Rate Mortgages Will Change from Time