U.S. mortgage rates fell for two consecutive weeks but still failed to rescue the market; home sales prices fell for the first time in more than three years.

Zhitong Finance APP has learned that U.S. mortgage rates fell for the second consecutive week but remained at a high level above 7%, failing to effectively boost the persistently sluggish housing market. High homebuying costs are forcing prospective buyers to postpone their purchase plans while prompting more and more sellers to cut listing prices. The latest data show that U.S. home sale prices have fallen for the first time in more than three years, further exacerbating the supply-demand imbalance in the housing market.