Home loan applications continue downward dip as mortgage rates hover near 7%, leaving more homes listed for sale.

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.