The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for thirty-year mortgages dropped last week to 5.23 percent, down from 5.44 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 dropped to 4.93 percent, down from 5.15 percent and 5-1 adjustable rate mortgages also dropped, down to 5.19 percent from 5.37 percent the week prior.

Rates for 30-year fixed purchase mortgages had fallen even further on Monday evening, with the average rate on Zillow Mortgage Marketplace at 5.16 percent.

Thirty-year fixed mortgage rates varied by state. New York mortgage rates and California mortgage rates decreased the most, dropping from 5.60 percent to 5.31 percent and from 5.48 percent to 5.20 percent, respectively. Georgia mortgage rates (5.14%) and Washington mortgage rates (5.15%) were the lowest in the country while Illinois mortgage rates (5.36%) and Missouri mortgage rates (5.35%) were the highest. California mortgage rates were the most requested among all states.