The average rate on a 30-year mortgage in the U.S. fell slightly this week, a welcome reversal for homebuyers in what's traditionally the housing market's busiest time of the year.

Even as mortgage rates tread water, Americans are still trying to buy homes. In the most recent week, applications for mortgages to purchase a home, not refinance, were at the highest point in almost two months, according to the weekly tracker from the Mortgage Bankers Association.

The 30-year mortgage averaged 6.77% in the week ending March 27, down three basis points from the previous week. A