The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.30 percent, down from 5.36 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 4.63 percent from 4.69 percent, and 5-1 adjustable rate mortgages fell to 4.22 percent, down from 4.28 the week prior.

On Monday, rates for 30-year fixed purchase mortgages decreased significantly, with the average rate on Zillow Mortgage Marketplace at 5.09 percent.

Thirty-year fixed mortgage rates varied by state. Virginia mortgage rates, California mortgage rates, Connecticut mortgage rates and Georgia mortgage rates decreased the most, from 5.40 percent to 5.29 percent in Virginia, from 5.34 percent to 5.25 percent in California, from 5.37 percent to 5.28 percent in Connecticut and from 5.36 percent to 5.27 percent in Georgia. Illinois mortgage rates (5.44%), Ohio mortgage rates (5.40%) and Maryland mortgage rates (5.40%) were the highest in the country, while Washington mortgage rates (5.25%) and California mortgage rates (5.25%) were the lowest.

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans quoted on Zillow Mortgage Marketplace by mortgage lenders to borrowers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow.