A huge growing number of Americans have been jumping onto the mortgage refinancing trend, a trend that is expected to rise throughout the years to come. More than $3 trillion in mortgages were refinanced over the last couple of years.

If you you looking to refinance your current mortgage, Otis T Harper II who is the senior mortgage officer for the United National Mortgage Corp. says it is best to take a proactive approach. "With mortgage rates so low, you can call any lender and it should have a number of products or programs that you can benefit from."

Mortgage rates have taken a fall around the country this week, with rates on 30 year mortgages dipping to the second lowest level of this year, pushed down by signs of economic weakness.

Refinancing as a share of home loan applications exceeded 50% this, the highest level seen ever since April 2004 according to the Mortgage Bankers Association of America. The MBA's weekly survey of loan application activity found that refinancing accounted for almost 50.2% of the applications during this week, up from 46.8% last week.