No. The temperature approaches an equilibrium, but does not overshoot it such that it must then change directions and come back.
Consider a resistor that's initially at room temperature with no current.
Then, it's connected to a constant voltage. Immediately the current increases to some value determined by Ohm's law:
$$I = {E \over R} \tag 1$$
The resistor converts electrical energy into thermal energy through Joule heating:
$$P_J={E^2 \over R} \tag 2 $$
It also loses heat to its environment at a rate proportional to its temperature. The size, geometry, airflow and so on can be combined and characterized as a thermal resistance \$R_\theta\$ in units kelvin per watt. If \$\Delta T\$ is the temperature of the resistor above the ambient temperature, the rate of thermal energy lost to the environment is given by:
$$ P_C = {\Delta T \over R_\theta} \tag 3 $$
As the resistor becomes warmer, it loses thermal energy to the environment faster due to an increasing \$\Delta T\$. When that rate of loss (equation 3) equals the rate of energy gain by joule heating (equation 2), the resistor has reached temperature equilibrium.
Equation 2 decreases with increasing temperature, assuming a typical positive temperature coefficient. Equation 3 increases with increasing temperature. At some point the resistor has warmed sufficiently that they are equal. There is no mechanism by which the resistor would "overshoot" this equilibrium, thus requiring that the resistor go from warming up to cooling off. Once equations 2 and 3 are equal, the temperature, resistance, and current have reached equilibrium and there's no reason for them to change further.