Interest rates, in a nutshell, move based on the anticipation of the growth of the economy or what is called inflation. The greater the risk of inflation then the more interest rates will rise. The more the economy slows then the more rates will drop.
Put another way, if the economy is doing well then rates rise, if it is doing poorly then rates fall.
Rates don’t go up or down necessarily on a daily basis but the cost of a loan does. Think of rates like a long set of stairs. As the market worsens and rates start to rise then the cost of the loan increases (think of the individual steps) until eventually costs rise enough that the interest rate moves higher (the landing of the stairs). The opposite could occur as well if rates are dropping.