The average rate on a 30-year mortgage in the U.S. fell this week for the first time in a month, but borrowing costs for homebuyers remain elevated.

Mortgage rates fell for the first time in five weeks, offering home buyers a modicum of relief from stubbornly high borrowing costs. The drop in rates comes as the financial markets digest new information about the direction of the U.

Mortgage applications declined for the second consecutive week, as higher mortgage rates weighed on buyer demand.