The Mortgage Bankers Association (MBA) reported that for the week ending on June 12, 2009 a 15.8 percent decrease in national mortgage applications was reflected on their seasonally adjusted index of mortgage applications. These figures are not just a reflection of new purchases, but they include refinance loans, as well.

Due to the rapidly rising mortgage rates, many homeowners have been deterred from refinancing their home. Although, 30-year fixed mortgage rates are currently standing below year-ago levels of 6.57 percent, the rise in Treasury Yields, which are directly linked to the mortgage rates, have created a significant increase in the mortgage rates.

Many homeowners took advantage of the low interest rates over the last several months, however, if you were waiting for the rates to hit bottom, you may have missed your chance. Many economists believe that the days of the 'incredibly low' mortgage rates may be over.