Arizona (Rate Wire) -- The benchmark 30-year fixed mortgage rate in AZ has moved down over the last year. In our year-ago review on Jan. 28 the rates averaged 4.95%; this week the average stands at 4.16%, a drop of 79 basis points. The state average is higher than the national average of 4.12%, which is 4 basis points lower than in AZ. If you are looking for the best rate in the area, then you might want to look into credit unions, where the average rate is 8 basis points lower than the average bank. Since our last report, rates have not changed. The shorter term 15-year fixed mortgage in AZ rates have dropped from 4.3% to 3.48%, a drop of 82 basis points.The key adjustable rate mortgage, the 5-year ARM in Arizona, has decreased over the last year from 3.8% on Jan. 28 to the current week's average of 3.05%, a drop of 75 basis points. Since our last report, rates have not changed. Over the last year, mortgage rates have been very volatile with the 30-year rate fluctuating between 5.23% and 3.99%.