Fixed Rate Verses ARM...Which would you pick?

Adjustable rate mortgages 

The adjustable rate mortgage or ARM allows the interest rate to fluctuate throughout the life of the loan. With the rising interest rates this loan type may be a little risky. On the other hand the ARM may allow you to purchase a more expensive home. 

Fixed Rate Mortgages

On a fixed rate mortgage your monthly payments stay the same for the whole time you have the loan. Most people usually do a 15 or 30 year loan. With the rising interest rates it might be a good idea to look at a fixed rate mortgage.

So which would you pick?