The most popular mortgage rate in the U.S. fell last week for the first time since the start of the Iran war, but it was not enough to revive the housing market, which has been sidelined by a combination of high borrowing costs and expensive homes.

The Mortgage Bankers Association announced on Wednesday that the contract interest rate for a 30-year fixed-rate mortgage decreased by 6 basis points to 6.51% for the week ending April 3, retreating from the seven-month high reached the previous week.

However, refinance applications fell by 2.8%, and purchase applications, which rose by about 1% from the previous week, remained 7% lower than a year ago, the Mortgage Bankers Association added.

Since the U.S. and Israel launched the war on February 28, mortgage rates have risen by 42 basis points, which has increased the yields on Treasury bonds that lenders use to set mortgage rates.

The Iran war, in addition to increasing credit costs, has also affected consumers’ daily budgets with the rise in fuel prices.

Affordability has become a key political issue for the Trump Administration, which said it would make a “major housing announcement” on Wednesday.

Earlier this year, President Donald Trump proposed banning corporate investors from buying single-family homes and instructed Fannie Mae and Freddie Mac, government-controlled entities that back most U.S. home loans, to purchase 00 billion in mortgage-backed securities to lower borrowing rates.