The thirty-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.79 percent, down two basis points from 4.81 percent at this time last week, and at the lowest level since mid-December of last year. The 30-year fixed mortgage rate hovered below 4.85 for most of the last week, but peaked near 4.90 percent on Thursday and Friday.

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates or a weekly survey.

The rate for 15-year fixed home loans is currently 4.22 percent, while the rate for 5-1 adjustable rate mortgages is 3.61 percent.

The volume of mortgage requests in the past week fell 6.7 percent from the prior week. Of last week's requests, 31.9 percent were for refinance loans, 66.3 percent were for purchase loans and 1.8 percent were for home equity loans. The prior week, 34.6 percent of requests were for refinance loans, 63.3 percent were for purchase loans and 2.1 percent were for home equity loans.