The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased six basis points last week to 4.99 percent, down from 5.05 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 seven basis points to 4.41 percent from 4.48 percent, and 5-1 adjustable rate mortgages fell nine basis points to 4.06 percent, from 4.15 percent the week prior.

The volume of mortgage requests last week rose 18 percent from the prior week. Of last week's requests, 31 percent were for refinance loans, 66 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 32 percent of requests were for refinance loans, 65 percent were for purchase loans and 2 percent were for home equity loans.

On Monday, rates for 30-year fixed purchase mortgages had fallen slightly, with the average rate on Zillow Mortgage Marketplace at 4.97 percent.

Thirty-year fixed mortgage rates varied by state. New York mortgage rates and Connecticut mortgage rates decreased the most, from 5.26 percent to 5.11 percent in New York and from 5.19 percent to 5.08 percent in Connecticut. South Carolina mortgage rates (5.13%) and New York mortgage rates (5.11%) were the highest in the country, while Colorado mortgage rates (4.92%) and Texas mortgage rates (4.93%) were the lowest. California mortgage rates were the most requested among all states.