The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.00 percent, down from 5.07 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 also dropped to 4.63 percent from 4.70 percent, and 5-1 adjustable rate mortgages decreased to 4.21 percent from 4.27 percent the week prior.

On Monday, rates for 30-year fixed purchase mortgages fell further, with the average rate on Zillow Mortgage Marketplace at 4.91 percent.

Thirty-year fixed mortgage rates varied by state. Virginia mortgage rates, California mortgage rates and Washington mortgage rates decreased the most, down from 5.07 percent to 4.95 percent in Virginia, from 5.07 percent to 4.96 percent in California and from 5.06 percent to 4.95 percent in Washington. Georgia mortgage rates (4.91%) and Florida mortgage rates (4.94%) were the lowest in the country, while Ohio mortgage rates (5.13%) were the highest.