An adjustable rate mortgage could mean a lower monthly payment for a while. Be sure you fully understand the risks

Patrick T. Fallon | Bloomberg | Getty ImagesAs interest rates tick upward, it may be tempting for homebuyers to explore adjustable rate mortgages.The appeal of an ARM, as it’s called, can be the lower initial interest rate compared with a traditional 30-year fixed-rate mortgage. However, that rate can change down the road — and not…