The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased two basis points last week to 4.84 percent, down from 4.86 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 two basis points to 4.29 percent from 4.31 percent, and 5-1 adjustable rate mortgages fell eight basis points to 3.71 percent, from 3.79 percent the week prior.

The volume of mortgage requests last week rose 4.7 percent from the prior week. Of last week's requests, 41 percent were for refinance loans, 56 percent were for purchase loans and 3 percent were for home equity loans. The prior week, 43 percent of requests were for refinance loans, 54 percent were for purchase loans and 2 percent were for home equity loans.

On Monday, rates for 30-year fixed purchase mortgages fell, with the average rate on Zillow Mortgage Marketplace at 4.75 percent.

Thirty-year fixed mortgage rates varied by state. New Jersey mortgage rates and Colorado mortgage rates decreased the most, from 5.06 percent to 4.90 percent in New Jersey and from 4.89 percent to 4.82 percent in Colorado. New York mortgage rates (5.06%) and Illinois mortgage rates (4.95%) were the highest in the country, while Texas mortgage rates (4.79%), and Utah mortgage rates (4.79%) were the lowest.