Want to refinance your existing mortgage or lock in a great rate on a new loan? The holiday season is one of the best times to shop around. Why? Every other homeowner or homebuyer is probably in Christmas mode.

Freddie Mac reports that rates were at a record low during the past week. A typical 30-year mortgage or refinance had a going interest rate of four and three-quarters percent. A typical 15-year mortgage or refinance was down to around four and a quarter. (Editor's note: Rates accurate as of December 2, 2009.)

Clark has seen some lenders on the web quoting rates in the 3s for a 15-year mortgage or refinance -- a fulfillment of the consumer's champ April promise several months too late! There is significant spread on rates from one lender to another. Be sure to shop around.

By the way, Clark has still agreed to be filmed getting pie thrown in his face because of his failed April prediction. More details about this charity event will be forthcoming.

Meanwhile, beginning in January, there will be tighter loan standards. In general, you'll need a higher credit score and more down-payment.

Fannie Mae estimates that a loan made to someone with a credit score below 620 will go delinquent nine times more often than a loan made to someone with a higher score.

Lenders will look at your debt-to-income ratio; your overall indebtedness with a house purchase; and how much money you're bringing to the table.

Finally, come January, lenders won't be able to bait and switch you with rates that miraculously change the day before closing or at the closing table!