Mortgages in the USA continue to get cheaper, after average rates on 30-year and 15-year fixed deals last week fell to record lows for the sixth straight week.

This is good news for the American property market as a whole and potentially for the economy there. Cheaper home loans should help to increase residential sales this year, while people refinancing their home, typically with a 15-year term, often have more cash in their pockets to spend on the high street.

According to the government sponsored lender Freddie Mac, the average rate on a 30-year loan fell to 3.67 per cent from 3.75 per cent last week, the lowest since long-term mortgages began in the 1950s. For a 15-year mortgage, the rate dropped to 2.94 per cent, from 2.97 per cent the week before.

Rates on 30-year mortgages in the USA have been below four per cent since December last year and are regarded as a key driver in the slight recovery of the housing industry in 2012. In some parts of Florida sales levels are increasing rapidly while prices are at their lowest point since the housing crisis began, indicating a recovery may be on the way.

For details of property in America, visit the USA listings on Rightmove Overseas. One way to save money when buying in, or moving to, the USA is to use currency exchange specialist Smart Currency Exchange when transferring your pounds into dollars to complete the purchase of your property. For more information on this, visit the Currency Zone or download their free guide by clicking here.

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