India, Oct. 30 -- US mortgage rates fell for the second week in a row, but they remain above 7%. The average mortgage rate dropped to 7.24% this week through Wednesday, down from 7.32% a week earlier, according to Freddie Mac data.

The 30-year fixed mortgage rate remains above 7%, making home loans expensive for buyers. Although borrowing costs have fallen slightly, many people still find it difficult to afford a home because of high monthly mortgage payments.

US Treasury yields remained close to 5% this week. Mortgage rates closely follow the 10-year US Treasury yield, which stayed near 5%, although it was slightly lower than it had been a few weeks earlier, according to Yahoo Finance.

The Federal Reserve kept its benchmark interest r...