The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.88 percent, down twenty basis points from 5.08 percent compared to this same time last week. The 30-year fixed mortgage rate rose last week, spiking Sunday at 5.05 percent before falling to 4.88 percent Monday.

Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.

The rate for 15-year fixed home loans is currently 4.29 percent, while the rate for 5-1 adjustable-rate mortgages (ARM) is 3.49 percent.

The total volume of mortgage requests in the past week was up 4.5 percent from the prior week. Of last week's requests, 21 percent were for refinance loans, 77 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 25 percent of requests were for refinance loans, 73 percent were for purchase loans and 2 percent were for home equity loans.