My husband and I have been trying to refinance our home loan for well over six months now – reaching for that elusive 4.44 percent mortgage rate.  So far no luck.

Why?  Like many Americans today our loan is greater than the home is actually worth thanks to the great housing recession of 2007, 2008, 2009.  Will it stretch into 2010?  So far, yes.  Our credit score is pretty fantastic, but because we added a sunroom for $26,000 four years ago and did a refinance in 2006, the two liens on the property are for a greater amount than what the real estate is now worth to a tune of about $20,000.

As a result, we’re sitting for a few more years at the 6.5 percent interest rate.  What a tragic waste.

For us and for most of the rest of the country, the 4.44 percent interest rate is wasted according to CNN Money.

The fall in rates ostensibly means homeowners can lower their monthly loan payments by refinancing their existing loans. They’re certainly trying — the Mortgage Bankers Association reported last week that 78.1% of all mortgage applications fell under the refinance category, up from 58.7% in April.

But many of them are filling out all that paperwork only to get a rejection letter in response. The mortgage association does not quantify how many of those who apply for refinance actually get approved, but mortgage brokers say many homeowners are ineligible.

Yes, that’s us.  Just another middle class American tragedy.