The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased two basis points last week to 4.97 percent, up from 4.95 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 rose one basis point to 4.38 percent from 4.37 percent, and 5-1 adjustable rate mortgages rose four basis points to 3.87 percent, up from 3.83 the week prior.

The volume of mortgage requests last week fell 9.9 percent from the prior week. Of last week's requests, 47.1 percent were for refinance loans, 50.8 percent were for purchase loans and 2.1 percent were for home equity loans. The prior week, 52.4 percent of requests were for refinance loans, 45.6 percent were for purchase loans and 2 percent were for home equity loans.

On Monday, rates for 30-year fixed purchase mortgages dropped significantly, with the average rate on Zillow Mortgage Marketplace at 4.83 percent.

Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates, Connecticut mortgage rates, and Georgia mortgage rates increased the most, from 5.06 percent to 5.16 percent in Ohio, from 4.98 percent to 5.05 percent in Connecticut, and from 4.91 percent to 4.98 percent in Georgia. Ohio mortgage rates (5.16%) and New York mortgage rates (5.15%) were the highest in the country, while California mortgage rates (4.91%), Virginia mortgage rates (4.92%) and Texas mortgage rates (4.92%) were the lowest.