(11/05/2010) JPMorgan Chase announced Thursday that it would resume processing foreclosures "in a couple weeks," as reported in the LA Times. Previously, Chase, along with Bank of America and GMAC, paused foreclosures in 40 states to determine whether or not proper procedures were being implemented. Chase's suspended foreclosures affected an estimated 127,000 mortgages.
For homeowners who are finding their monthly mortgage payments difficult to make, refinancing to a loan with a lower interest rate could be one possible opportunity to avoid foreclosure. According to Informa Research Services, the national average rate on traditional 30 year fixed rate mortgages stayed steady at 4.45% (Source: Informa Research Services' Interest Rate Review).
Because this is just an average, this should indicate to savvy rate shoppers that there are many rates available below this figure. The best way to find these low rates is to check online rate tables, such as those featured on ERATE.com. These tables require absolutely no personal information to gather a collection of possible loans that fit your specified loan scenario. They are updated multiple times a day, so the rates displayed are more up-to-date than other websites that may update their rates only daily.
Best of all, these tables are free to use and easy to access. If consumers have Internet access, they can use these useful tables! Better yet, ERATE also has a Mortgage Rates iPhone App that can be used to search for the best local mortgage rates even while on the go!