US mortgage rates begin to edge up
Figures from Freddie Mac said the average 30-year mortgage – the standard length of loan in the country – was now available at 3.67%.
This is up marginally on the 3.66% recorded last week.
Last month Your Mortgage reported how low interest rates were causing a surge in people buying new build homes.
The average rate for a 15-year mortgage, generally taken by those homeowners looking to refinance, rose to 2.94% from its previous level of 2.93%.
Despite the rises in the last week, both types of loan are still much cheaper than their previously have been.
At this point in 2014 the average 30-year mortgage rate was 4.27% while the 15-year rate was 3.33%.
The USA is a popular location for Brits buying abroad, with Florida home to many expats who have purchased abroad. The British pound currently buys $1.50, down from a high of $1.72 recorded last summer.
“Most British buyers are drawn to Orlando, where they can buy a property within a short driving distance of the local airport and enjoy family holidays in the sun,” Clare Nessling, director of overseas mortgage specialist Conti, wrote in Your Mortgage’s Florida buying guide.
“The Gulf coast is also popular, with locations such as Sarasota, St Petersburg, Bradenton and Naples featuring on many a British buyer’s wish list.
“The Atlantic coast also offers great investment opportunities, with plenty of gated communities to choose from and low prices to take advantage of.”