Borrowers experienced a slight reduction in homeownership costs in the first quarter, despite affordability remaining near its worst level ever.

Small declines in fixed mortgage rates and homes prices earlier in the year helped reduce the average cost of all housing types to 60.9% of median income in Q1, down from 63.8% in the previous quarter, according to a report from RBC.

“Still, affordability remains close to its worst point ever nationwide,” noted report author Robert Hogue.

He said the sharp home price and interest rate gains experienced during the pandemic “continue to seriously constrain” homebuyers. “The slight relief last quarter reversed just a fraction of the massive deterioration in affordability. There’s a long way to go, but affordability is heading in the right direction.”