Refinancing question

I’m wondering if I’m in a position to take advantage of today’s lower mortgage rates by refinancing. By way of background, I secured an HSBC CommunityWorks jumbo loan in mid-2007 for a condo in Clinton Hill at a rate of 5.75%. I also took another loan (NOT a mortgage, and therefore non tax-deductible, sadly) to make up the balance of the purchase price, at a somewhat higher interest rate.

My questions are two-fold: first, can I take advantage of the current new rate of 4.6%, or is CommunityWorks for first purchases only and not refinancing? Second, if I CAN use CommunityWorks for refinancing, would it be possible to roll-in the cost of my second, higher-inerest loan into my mortgage, since the jumbo threshold was been revised upward?

Thanks for any advice.