The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.04 percent, down from 5.09 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 4.48 percent from 4.49 percent, and 5-1 adjustable rate mortgages fell to 4.02 percent, down from 4.06 the week prior.

On Monday, rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 4.98 percent.

Thirty-year fixed mortgage rates varied by state. Virginia mortgage rates, Washington mortgage rates, and New York mortgage rates decreased the most, from 5.06 percent to 4.96 percent in Virginia, from 5.10 percent to 5.00 percent in Washington and from 5.23 percent to 5.13 percent in New York. Oregon mortgage rates (5.19%) and Illinois mortgage rates (5.23%) were the highest in the country, while Colorado mortgage rates (4.97%) and Virginia mortgage rates (4.96%) were the lowest.