Mortgage rates have been flying up and down like a yo-yo. Clark's brother in law just got a 30-year fixed loan at 5.75%. Our producer Kim, meanwhile, is in the process of refinancing her condo at 5.125% on a 5/1 ARM fixed for 60 months. Clark's credit union, meanwhile, offers an oddball 7-year refinance at 4.375% right now. Still others in the marketplace are getting loans at 7% or higher.

Obviously, there's some real distortion in the home market and there's real opportunity to refinance. There are so many crosscurrents in the market that your rate could be all over the map. So now more than ever, you need to shop around when you're looking for a mortgage or a refinance.

If you are in a home and want to refinance, 2 things are absolutely key. First, you must have meaningful equity in your home. Second, you must have a good credit score.

If you are a homebuyer, try accessing first-time homebuyer programs through HUD. The FHA loan program -- after several years of being almost non-existent -- is once again important. Clark also recommends trying non-traditional lenders like ING Direct for a loan or a refinance.