This is the first decline in the average rate after rising two weeks in a row. The average rate has been mostly trending lower since mid-January, when it climbed to just over 7% — a welcome trend for aspiring homebuyers struggling to afford a home after years of soaring home prices.

Mortgage rates in the US fell for the first time in three weeks.

Rates for new 30-year loans have been wavering in an elevated range the last three weeks—and just nudged a bit higher. Rate movement was mixed across other loan types.