Mortgage rates drop for second straight week to 7.02%

Mortgage rates have decreased for the second consecutive week, with the average 30-year fixed mortgage rate falling to 7.02% from 7.09%, according to Freddie Mac's latest survey. Despite the recent declines, rates remain high, contributing to ongoing affordability issues in the housing market. The 15-year fixed mortgage rate also dropped to 6.28% from 6.38% last week.