In this paper, a new dynamic excitation modeling scheme is proposed. Based upon the proposed excitation modeling scheme, two variable bit rate homomorphic vocoders are designed, whose average bit rates are 3.8 Kbps and 4.4 Kbps. The performance of the proposed excitation modeling scheme is then evaluated through the subjective listening tests. In the tests, the performances of two speech coders designed in this paper ate compared with the one of 4.8 Kbps homomorphic vocoder designed by Chung and Schafer, in which conventional static excitation modeling scheme applied. The subjective listening tests show that proposed dynamic excitation modeling scheme improves synthesized speech quality while lowering the average bit rate of speech coders.