According to Dan Green of TheMortgageReports.com, they go up.

I’d heard someone once say that gas prices often reflect what’s going to happen with mortgage rates, and Dan not only reiterated the same, but why.  It’s an interesting correlation, and one I’ll be watching more in the future.

They – gas prices OR mortgage rates – don’t seem to be cooling off anytime soon, so there just might be something to the idea.

But Marianne Lane of Coldwell Banker Mortgage says she’s seen the opposite effect in the last 15 years, that often rates in July and December are lower than they have been at other times of the year.

Your takeaway?  Buy when you’re ready to buy.  Rates are out of our control as buyers, so when you’re ready to buy, talk to your agent, get preapproved, and start shopping.