The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased slightly from last week to 5.02 percent, down from 5.04 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 fell to 4.42 percent from 4.45 percent, and 5-1 adjustable rate mortgages fell to 3.94 percent, down from 4.00 the week prior.

The volume of mortgage requests fell very slightly last week from 10,996 to 10,963. Of this week's requests, 43.7 percent were for refinance loans, 54.1 percent were for purchase loans and 2.2 percent were for home equity loans. Last week, 44.3 percent of requests were for refinance loans, 53.5 percent were for purchase loans and 2.2 percent were for home equity loans.

On Monday, rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 4.94 percent.

Thirty-year fixed mortgage rates varied by state. Georgia mortgage rates, New Jersey mortgage rates, New York mortgage rates and Washington mortgage rates decreased the most, from 5.00 percent to 4.96 percent in Georgia, from 5.10 percent to 5.06 percent in New Jersey, from 5.15 percent to 5.11 percent in New York and from 5.03 percent to 4.99 percent in Washington. Illinois mortgage rates (5.20%), Ohio mortgage rates (5.13%) and Wisconsin mortgage rates (5.13%) were the highest in the country, while Texas mortgage rates (4.95%) and Georgia mortgage rates (4.96%) were the lowest. California mortgage rates were the most requested among all states.