Can we expect 30 year fixed rates to go below 5% ?

Jason,

It's hard for anyone to predict which way rates are going.  The Federal Reserve is doing everything they can to keep rates down by purchasing MBS.  If I could say anything about it I would say this.  Rates are still at historic lows around 5%.  This WILL NOT last forever.  Rates will go up at some point.  IMO there's much more risk in waiting for rates to move lower, than locking now at these low rates.  

But that's just my opinion.  If you want to know more about rate movements, then do what I do and read the two blogs on this site that deal with mortgage rates and MBS.  It takes a while to learn everything, but read it daily and you'll start to understand what they're saying.

MBS Commentary
Mortgage Rate Watch

If you like historical trends in predicting rates: normally we see an increase in rates during the summer followed by rates dropping during the fall.*

* Past performance is no guarantee of future results.  Smoking may cause cancer.  To prevent injury, do not disassemble.  Look before you Leap.  He who hesitates is lost.