A ternary mixture model is proposed to describe composition fluctuations in mixed membranes composed of saturated, unsaturated, and hybrid lipids (with one saturated and one unsaturated hydrocarbon chain). The hybrids are line-active and can reduce the packing incompatibility between the saturated and unsaturated lipids. We introduce a lattice model that extends previous studies by taking into account the dependence of the interactions of the hybrid lipids on their orientations in a simple way. A methodology to recast the free energy of the lattice model in terms of a continuous, isotropic field theory is proposed and used to analyze composition fluctuations in the one phase region (above the critical temperature). The effect of hybrid lipids on fluctuation domains rich in saturated/unsaturated lipids is predicted. The correlation length of such fluctuations decreases significantly with increasing amounts of hybrids; this implies that nanoscale fluctuation domains are more probable compared to the case with no hybrids. Smaller correlated fluctuation domains arise even when the temperature is close to a critical point, where very large correlation lengths are normally expected. This decrease in the correlation length is largest as the hybrid composition tends toward a crossover value above which stripelike fluctuations are predicted. This crossover value defines the Lifshitz line. The characteristic wavelength of the stripelike fluctuations is large close to the Lifshitz point but decreases toward a molecular size in a membrane that contains only hybrids. Micrometer size, stripelike domains have recently been observed experimentally in giant unilamelar vesicles (Guys) made of saturated, unsaturated, and hybrid lipids. These results suggest that the line activity of hybrid lipids in such mixtures may be significant only at large hybrid fractions; in that regime, the interface between domains can be diffuse and several hybrid molecules with correlated orientations can separate saturated and unsaturated lipid regions.