WASHINGTON (AP) — 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. The long-term rate dipped to 6.85% from 6.89% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.99%.

Despite a slight rise, 30-year mortgage rates are still hovering near their lowest point since early May. Several other loan types also saw just minor movement.

Mortgage rates moved down this week, according to data from Freddie Mac released Thursday. “The average mortgage rate decreased this week, which is welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow,