If you are referring to long-term mortgage interest rates, then the answer is: nobody knows. :) Smile.
Seriously, if someone could know for sure, that person would be a multi-millionaire. Long-term Mortgage interest rates are driven by the price of mortgage backed securities. Such prices change daily and we have seen a lot of volitility in the mortgage backed securities markets. This means that interest rate have risen, but they have also dropped many times in the same day. Whether the rate you lock in has risen or dropped depends on when exactly you priced your loan and when you locked it. If you were to graph it out, it may look like a rollacoaster.
In a general sense, inflationary pressures on the economy tend to be bad news for mortgage bonds and this drives down the price of such bonds and consequently pushes interest rates up. Therefore, if the dollar weakens, the price of oil goes up, and other factors that will worsen inflation happen, then this will likely mean that interest rates will go up. However, if the reverse happens, and the Federal Reserve raises the federal funds rates to try to control inflation, something bad happens in the stock market, etc, then interest rates may tend to drop.
The moral of the story is that whether mortgage interest rates go up or down and the reason why may be a lot more complex than what most people think. This is why it would be good for you to work with a trusted Mortgage Consultant that can guide you through all of these issues and help you make the right decisions.