The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased last week to 5.02 percent, up from 5.00 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 4.60 percent from 4.63 percent, and 5-1 adjustable rate mortgages rose to 4.27 percent from 4.21 percent the week prior.

On Tuesday, rates for 30-year fixed purchase mortgages fell below 5.00 percent, with the average rate on Zillow Mortgage Marketplace at 4.99 percent.

Thirty-year fixed mortgage rates varied by state. Connecticut mortgage rates and Michigan mortgage rates decreased the most, down from 5.04 percent to 4.99 and from 5.06 percent to 5.01 percent, respectively. Georgia mortgage rates (4.93%) and Virginia mortgage rates (4.96%) were the lowest in the country, while Massachusetts mortgage rates (5.11%) were the highest. California mortgage rates were the most requested among all states.