You're sick of seeing it in the news and on TV: "Mortgage rates are at all-time lows!" Whoopee, the best deal you've been offered is 6.5%. What's a jumbo borrower to do to get a lower interest rate? Try these top refinancing tips.

Size Matters: Refinancing Your Jumbo Home Loan

What can homeowners with larger loans do to get a piece of today's lower refinance mortgage rates? Try these five tips:

1. Expand Your Limits: Try Jumbo Conforming or FHA

If your home cost a bundle but isn't a mansion, you may live in a designated "high-cost" area. Look them up: if your neighborhood is listed, you may qualify for a jumbo conforming loan from Fannie Mae or Freddie Mac. These higher limits exceed the standard $417,000 and range from a low of $426,650 in Providence, Rhode Island to a high of $721,050 in Honolulu, Hawaii. And, while you may not think FHA when you think expensive mortgage, FHA limits are higher than conforming mortgage limits in some parts of the country. For example, homeowners in Alameda County, Calif., can refinance with an FHA loan up to $729,750, but they'd only get a $625,500 refi with Fannie Mae. And if you own a duplex, triplex, or fourplex, keep in mind that multifamily housing loan limits are much higher.

2. Supersize Your Mortgage: Get a Hybrid ARM

Rates for hybrid adjustable rate mortgages (ARMs) are lower than 30-year jumbo refinance rates--lots lower. Hybrid interest rates can be fixed for 3, 5, 7, even 10 years. On a $625,000 mortgage, you could get a 6.25% 30-year fixed-rate mortgage loan, or you could choose a 5/1 hybrid at only 5.25%. Your hybrid ARM mortgage payment is only $3,451. That's $499 less than the 30-year payment of $3,950, or nearly $30,000 over 5 years--the amount of a new car! You could also put your monthly savings toward reducing your principal balance and it would drop by an extra $34,000 or so over 5 years.

3. Try a Two-for-One Special

Yes, you could be better off with two mortgages than one. Try combining a conforming first mortgage with a home equity loan, and see if that's a better deal. For example: If you live in Baltimore, Maryland, and have a $525,000 jumbo mortgage, you could get a conforming mortgage of $494,500 and a home equity mortgage of $30,500. If you could snag an interest rate of 5% on the first mortgage and an 8% rate on the second, your overall interest rate, or blended rate, is 5.17%. Here's how it works: Weight your interest rates by dividing $494,500 by $525,000 and the remaining $30,500 by $525,000 as well. You get 94.19% and 5.81%, respectively. The blended rate on the total package is 5% * 94.19% plus 8% * 5.81%, which equals 5.17%. And note that home equity loans are much less expensive to process. So if you save 2 points on $30,500, that's another $610--gas money for your new car!

4. Conforming Isn't Always Cheaper

What you see isn't always what you get when it comes to comparing conforming mortgage interest rates. Fannie Mae and Freddie Mac can add additional points and fees if you are a less-than-perfect borrower (credit score under 740), have less than 40% equity, or a less desirable property (those Florida condos). Jumbo mortgage refinance lenders don't have those mandatory add-ons, and the conforming interest rate available to you might not be any better than a good jumbo mortgage. Shop with several mortgage lenders and see who comes up with the goods when you refinance.

5. Refinance to a 2% Interest Rate? For Free? Try Mortgage Modification

Making Home Affordable modifications aren't only for the small fry--you can modify a mortgage of up to $729,750. If your jumbo mortgage is creating a genuine hardship and your housing expense exceeds 31% of your gross household income, you could qualify for a modification. Check your eligibility and then give your lender a call.

Jumbo mortgage refinancing isn't a walk in the park, but you have more to gain. Small improvements in mortgage interest rates can mean big dollar savings on larger home loans.