The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 4.95 percent, down from 4.96 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 4.37 percent from 4.39 percent, and 5-1 adjustable rate mortgages fell to 3.83 percent, down from 3.85 the week prior.

The volume of mortgage requests fell slightly to 12,696 from 13,081 the week prior. Of last week's requests, 52.4 percent were for refinance loans, 45.6 percent were for purchase loans and 2 percent were for home equity loans. Last week, 50.2 percent of requests were for refinance loans, 47.7 percent were for purchase loans and 2.1 percent were for home equity loans.

On Monday, rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 4.93 percent.

Thirty-year fixed mortgage rates varied by state. Maryland mortgage rates and North Carolina mortgage rates decreased the most, from 5.10 percent to 5.03 percent in Maryland and from 4.99 percent to 4.94 percent in North Carolina. Illinois mortgage rates (5.10%) and New York mortgage rates (5.15%) were the highest in the country, while Colorado mortgage rates, Virginia mortgage rates and Washington mortgage rates were the lowest at 4.90 percent.