Should I Take a Adjustable Rate or Fixed Rate Mortgage

Fixed. Interest is still at a nearly all time low and the only adjustment you are likely to see is upward.

Depends - adjustable only if you plan on paying off the loan before the next adjustment period. For example we once re-financed with a 5 year adjustable loan. We planned on selling on how in about 5 years so it made sense to get the lower interest rate.

However, if you plan on staying in your home or not paying off within the adjustable period, with interest rates as low as they are now, it is highly likely the rates will increase. In this case, you would get a lower rate, but it will be short term. It could even increase to an amount that would be higher than the current fixed rate amount. In the long run, for most people, a fixed rate is a better option when interest rates are currently very low.

Both answers applies.
I agree with rogers that interest rates can only go up in the future.

I agree with Linkat about when you plan to sell the property; most pundits say the cut-off is five years.

Just don't forget that there's a cost to refinance.

Both have their own individual pros and cons and are effective in their individual places.
Adjustable rate mortgage or ARMs can be very effective for home buyers, as well as they carry a degree of uncertainty where as fixed rate mortgage can offer rate and payment security but they can be more expensive.
So, its depends upon you that which mortgage you want and for which purpose.

If you are selecting an adjustable rate mortgage, then the initial fixed rate is lower than that of a comparable fixed-rate mortgage.
So an adjustable rate mortgage is good.

Of course, if you get into an adjustable rate when interest rates are extremely low, you already know which way that adjustment is going to go.

So true, but there are other considerations that should be taken into account such as length of loan, and both weighed against other personal factors. Job security, anticipated wage increase/decrease, and length of time in the home.

Un huh. Conventional wisdom has it that ARM can be good if you anticipate selling the house within five years. Obviously, there are variables.