Mortgage rates fell dramatically last week, due to the government's decision to purchase mortgage-backed securities. Rates for 30-year fixed mortgages declined to 5.53 percent, down from 5.92 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®.

Rates for 15-year fixed mortgages decreased to 5.34 percent, down from 5.69 percent and 5-1 adjustable rate mortgages rose to 6.01 percent from 5.87 percent.

Rates for 30-year fixed mortgages fell even further on Monday evening with the average rate on Zillow Mortgage Marketplace at 5.32 percent.

At a state level, the 30-year fixed mortgage rate in New York saw the biggest decrease, falling from 5.96 percent to 5.48 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.41%) and Washington (5.46%), while Arizona (5.62%) and North Carolina (5.62%) had the highest rates.