A good indicator if rates are on the rise or are coming down is to see
what the 10 year Bond is doing. When the 10 year note is on the rise
that means mortgage rates are most likely coming down. When the bond
market is declining, that means rates are on the rise. This is due to
supply and demand like in any industry. An example would be if the 10
year yield rose 21/32 I would be will to bet that rates are going to
increase by at least .25% immediately. Conversely, if the 10 year yield
drops 21/32, look for rates to drop.

A great site I use to check to see where the 10 year note is trading at
is http://money.cnn.com