The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased seven basis points last week to 4.62 percent, down from 4.69 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 four basis points to 4.19 percent from 4.23 percent, while 5-1 adjustable rate mortgages increased five basis points to 3.74 percent, from 3.69 percent the week prior.

The volume of mortgage requests last week fell 17 percent from the prior week. Of last week's requests, 49 percent were for refinance loans, 49 percent were for purchase loans and 2 percent were for home equity loans. There was no change in the mortgage type mix from the prior week.

On Monday, rates for 30-year fixed purchase mortgages fell further, with the average rate on Zillow Mortgage Marketplace at 4.52 percent.

Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates and North Carolina mortgage rates decreased the most, from 4.79 percent to 4.63 percent in Ohio and from 4.72 percent to 4.60 percent in North Carolina. New York mortgage rates (4.79%), Missouri mortgage rates (4.72%) and Illinois mortgage rates (4.72%) were the highest in the country, while Texas mortgage rates (4.52%) and Colorado mortgage rates (4.54%) were the lowest. California mortgage rates were the most requested among all states.