Now could be the cheapest time for anyone who meets the required conditions to get a mortgage in the USA, following reports that rates are at all-time lows.

Mid-way through December a leading American mortgage website said that mortgage rates advertised on its site were either at or below the lowest point in its history. As an example, ForTheBestRate.com added that 15-year fixed mortgage rates were displayed as being as low as 3.0% and rates for a 30-year fixed rate term as low as 3.75%.

Freddie Mac, the government sponsored purchaser of residential mortgages on the secondary market, also reported that average mortgage rates across the USA hit a new historic low point in mid-December, for both 15-year fixed and 5-year ARM mortgage pricing. The average 15-year fixed mortgage averaged 3.21%, and the average 5-year adjustable pricing was 2.86%, down from 3.99% and 3.27% respectively the previous week. The 30-year fixed rate averages were down as well, matching the record low 3.94% set in October.

“We’re seeing a lot of homeowners move to shorter 15-year fixed loans when refinancing, and this historic pricing will hopefully encourage more to follow suit,” said Shaun Hamman, VP of Residential Lending at American Financial Resources, a national mortgage lender. “When it’s affordable, a switch to a 15-year home loan from a longer term can be a great wealth building move – the rate generally goes down, the interest savings are substantial, and you get to say goodbye to that mortgage debt a whole lot sooner,” he added.

For details of property for sale in the USA, visit the USA listings on Rightmove Overseas. One way to save money when buying in the USA is to use a currency specialist when transferring your pounds into dollars to complete the purchase of your property or make regular mortgage payments. For more information on this, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in America, collect The Overseas Guides Company’s ‘USA Property Buying Guide’