Historically low fixed interest rates on mortgages, but could they go lower?

Historically low fixed interest rates on mortgages, but could they go lower?     

The Reserve Bank of Australia (RBA) has just decided to leave the cash rate unchanged at 3.00% and there is increasing optimism in relation to investment prospects for the year ahead with the Australian Bureau of Statistics (ABS) capital expenditure (CAPEX) data indicating that we may witness growth in investment of approximately 4.00%.   

Mortgage holders are questioning wether to take advantage of historically low fixed rates despite the uncertainty of whether rates will fall even further.   Some economists and finance brokers believe now is the perfect time to lock in fixed interest rates while fixed loans hover at record lows some financial institutions are offering rates below 5%   

Australian Bureau of Statistics (ABS) data shows last year about 13% of all loans were fixed, up 8% with a significant difference between 3-year fixed rates the most popular fixed rate period and standard variable rates.   

There is a difference of between 3/4% and 1% between the standard variable rate and 3-year fixed rate, with a lot of mortgage holders fixing a large portion of their loan.  

Fixed interest rates give certainty but have less flexibility and many lenders offer packages, with rate discounts up to 0.8% below standard variable rates, so it pays to shop around particularly with the options of a line of credit and other facilities on offer.   

The big question is to do it or not, and will it drop any further?