A system and method for dynamically selecting the data fetch path for improving the performance of the system improves data access latency by dynamically adjusting data fetch paths based on application data fetch characteristics. The application data fetch characteristics are determined through the use of a hit/miss tracker. It reduces data access latency for applications that have a low data reuse rate (streaming audio, video, multimedia, games, etc.) which will improve overall application performance. It is dynamic in a sense that at any point in time when the cache hit rate becomes reasonable (defined parameter), the normal cache lookup operations will resume. The system utilizes a hit/miss tracker which tracks the hits/misses against a cache and, if the miss rate surpasses a prespecified rate or matches an application profile, the hit/miss tracker causes the cache to be bypassed and the data is pulled from main memory or another cache thereby improving overall application performance.