According to GRT, the rate of time (in other words, the speed of light) depends on the gravitational potential of the observer, which undergoes fluctuations during the passage of gravitational waves. There is no way to measure local changes in the tempo of time, since the reference chronometer is also affected.
Thus, for an observer immersed in curved space-time, relative changes in the lengths of the arms of the interferometer, caused by the arrival of gravitational waves, are being completely canceled out by the corresponding deviation of the tempo of time. As a result, the interferometer has no principle ability to register the curvature of space-time.