| Red Metal |
http://paizo.com/paizo/faq/v5748nruor1fm#v5748eaic9r9w
Metamagic: At what spell level does the spell count for concentration DCs, magus spell recall, or a pearl of power?
The spell counts as the level of the spell slot necessary to cast it.
For example, an empowered burning hands uses a 3rd-level spell slot, counts as a 3rd-level spell for making concentration checks, counts as a 3rd-level spell for a magus's spell recall or a pearl of power.
In general, use the (normal, lower) spell level or the (higher) spell slot level, whichever is more of a disadvantage for the caster. The advantages of the metamagic feat are spelled out in the Benefits section of the feat, and the increased spell slot level is a disadvantage.
Heighten Spell is really the only metamagic feat that makes using a higher-level spell slot an advantage instead of a disadvantage.
In this case, since being a 5th level spell is more disadvantageous, it counts as a 5th level spell, and you couldn't use a lesser metamagic rod with it.