The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased one basis point last week to 4.86 percent, down from 4.87 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 one basis point to 4.31 percent from 4.32 percent, and 5-1 adjustable rate mortgages fell one basis point to 3.79 percent, from 3.80 percent the week prior.

The volume of mortgage requests last week fell 9.5 percent from the prior week. Of last week's requests, 43 percent were for refinance loans, 54 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 45 percent of requests were for refinance loans, 53 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 4.79 percent.

Thirty-year fixed mortgage rates varied by state. Texas mortgage rates and Connecticut mortgage rates decreased the most, from 4.84 percent to 4.81 percent in Texas and from 4.96 percent to 4.94 percent in Connecticut. New York mortgage rates (5.03%) and New Jersey mortgage rates (5.06%) were the highest in the country, while Texas mortgage rates (4.81%), and California mortgage rates (4.83%) were the lowest.