While predicting future rates is impossible, and something I try to avoid, I have a program that can determine what an interest rate at renewal on a 3-year fixed (for example) would need to be in order for it to out-perform taking a lower 5-year fixed rate. So it essentially spits out a number where "if rates are at ____% or lower at renewal, then you're best bet is to take the shorter term".
This allows you to at least see what rates would need to be at in the future, then determine how feasible that is.
If anyone is coming up for renewal and is deciding between these two options, PM me and I can run #s for you.
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