While the Fed touts the second round of its Quantitative Easing (QE2) program as a way to lower mortgage rates for homeowners and heat up the economy, a substantial bloc of homeowners have not taken advantage of these lower rates. In fact, nearly 40 percent of those studied are paying at least 6 percent interest on their mortgages.

Newsflash: nearly 40 percent of homeowners are still paying 6 percent or more on their mortgages

Refinance mortgage rates have reached their lowest point since Freddie Mac began tracking them in 1971. The average rate for a 30-year fixed-rate mortgage declined to 4.17 percent in the week ending November 12th according to Freddie Mac. The average 15-year rate dropped to 3.57 percent.

However, the vast majority of homeowners are paying much higher rates, says JPMorgan, which tracks U.S. mortgages held by major lenders including Freddie Mac and Fannie Mae. Only about 16 percent of borrowers with fixed-rate mortgages enjoy rates between 4 and 5 percent. Here is a breakdown of what people are paying:

Source: JPMorgan

Why are so many people paying more than the going rate?

For one thing, the economy has made refinancing impossible for many. With 17 percent of the population unemployed or underemployed, the income needed to qualify for a refinance mortgage is simply not there. Those buffeted by economic troubles may also have suffered damage to their credit scores, making refinancing more difficult and expensive.

Then there are those whose property values have dropped to the point that they have insufficient home equity to effect a refinance. And while the government has tried to address this problem by introducing the FHA Short Refinance program, which allows underwater borrowers to get principal reductions and lower refinance mortgage rates, mortgage lenders have not signed on and in September there were only 14 applications for this program.

Finally, many homeowners who locked in relatively low refinance mortgage rates between 2003 and 2005 don't think it's worth refinancing again, according to a September study released by the U.S. Federal Reserve.

Analysts scratching their heads

"There's a lot of head scratching right now as to why people aren't refinancing," says Amy Crews Cutts, chief economist at Freddie Mac. What it means is that however low the Fed drives mortgage rates with its QE2 plan, relatively few homeowners are willing or in a position to take advantage of them.

Top refinance tips: What homeowners should do now

With nearly 40 percent of homeowners paying 6 percent or more on their mortgages, clearly there is money being left on the table. Here's a plan of action for almost any homeowner.

If your time-frame is short and you have an adjustable-rate mortgage at a low rate, stay put.

There is little data to indicate that short-term interest rates will rise precipitously any time soon. And even if they do, you will be somewhat protected by your loan's interest rate caps. Meanwhile, enjoy the sub-4-percent rate you are paying now. However, if you plan to keep your home for many years, consider refinancing to a fixed-rate loan while rates are in the rock-bottom range.

If your rate is higher than 5 percent and you have equity or credit problems, try an FHA refinance.

FHA does require mortgage insurance, but there are no risk-based pricing adjustments like Fannie and Freddie require, and you can refinance up to 96.5 percent of your home's current value. If the APR of a refinance (which includes your mortgage insurance premiums) is less than that of your current mortgage, a refinance could put money in your pocket.

If you don't think you'd recoup the cost of a refinance, try a hybrid ARM

Those who feel that their time frame is too short to recoup the costs of a refinance should look into hybrid ARMs, which combine a low fixed rate for several years with an adjustable rate mortgage. You can find mortgages fixed for three years with rates under 3 percent, and those fixed for five years at about 3.5 percent. If you're paying over 5 percent now, you'd likely recoup the refinancing costs very quickly.

If you have insufficient equity, think about a cash-in refinance

More borrowers than ever are bringing cash to the table and refinancing to a lower rate and a lower principal balance. This is a good strategy for those who plan to keep their homes for many years.

If you can't refinance now, try mortgage counseling and apply for a mortgage modification.

The HOPE LoanPort site can get you in touch with a mortgage counselor and you can even apply for a loan modification online. Go to www.hopeloanportal.org.

There are numerous ways you can better your financial position by taking action with your mortgage. And there is no point in leaving money on the table if you can avoid it.