The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year mortgages increased slightly last week. Last week's rate was 5.07 percent, up slightly from 5.05 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Meanwhile, rates for 15-year fixed mortgages were unchanged from the week prior at 4.70 percent, and 5-1 adjustable rate mortgages decreased, down to 4.27 percent from 4.30 percent the week prior.

On Monday, rates for 30-year fixed purchase mortgages fell below 5.00 percent, with the average rate on Zillow Mortgage Marketplace at 4.98 percent.

Thirty-year fixed mortgage rates varied by state. Oregon mortgage rates and Virginia mortgage rates increased the most, up from 5.04 percent to 5.10 percent and from 5.01 percent to 5.07 percent, respectively. Florida mortgage rates (5.01%) and Georgia mortgage rates (5.01%) were the lowest in the country, while Ohio mortgage rates (5.16%) were the highest. California mortgage rates were the most requested among all states.