Right now everything depends on your loan-to-value ratio. The best rates (below 5%) are reserved for the conforming loans (below $417k) with a loan-to-value below 60%, where the borrower is willing to pay up to 1 point.

If you are looking at the new High Balance loans (between $417k and $625.5k), there are now huge rate penalties for taking cash out or for a total loan to value (including any seconds or equity lines) up to 80%. You will get the best rates (mid-5%'s) is your loan to value is below 60% and you can pay up to 1 point.

There are still decent rates on jumbo 5/1 ARMs: around 5.125%, with 1 point.

Lenders are not only penalizing for high loan to values, but they are pricing their products such that "0" points loans don't make much sense any more; you get a much larger bang for your buck if you can pay 1 point, or even a little more. The 1 point can still be financed into your new loan, but please make sure that you plan to stay in the home for at least a few years so that your investment in your new loan makes sense.

Many of my clients are saving $300 to $400 per month by refinancing, so it can be well worth it if you are already in a pretty good position. If you bought your house fairly recently with 5 or 10% down, you will probably not be able to take advantage of these new low rates -- which is a shame.

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