Mortgage rates declined this week for the first time in almost two months, providing a glimmer of affordability relief to a listless housing market.

The 30-year fixed-rate mortgage averaged 7.32% for the weekly period ending Thursday, according to Freddie Mac, down from 7.4% during the prior period. The 15-year fixed dipped three basis points to 6.68%.

Still, prospective homebuyers may wish they owned a time machine. One year ago, the 30-year rate averaged 6.19% and the 15-year stood at 5.44%.

Affordability pressures were top of mind for Bob Broeskmit, president and CEO of the Mortgage Bankers Association (MBA), who cited “significant headwinds” facing prospective buyers in his weekly commentary on mortgage application volumes.

“Despite a small decline in rates last week, mortgage applications fell for the seventh consecutive week, with purchase activity 18% below last year’s pace,” Broeskmit said.

The refinance market is in even more dire straits, with applications down 59% year over year.

Homebuyers who purchased at lower borrowing levels a year or two ago may have still done so near the top end of their budgets, willing to endure some payment stress with the hope of refinancing soon. Those borrowers have only seen mortgage rates steadily rise since the spring.

On a weekly basis, seasonally adjusted purchase applications sagged by 7% during the week ending Oct. 16, according to MBA data, while refinance volumes fell 2%.