30-Year Fixed Mortgage Refinance Interest Rates in Tuscaloosa, AL
Explore 30-year fixed mortgage refinance rates in Tuscaloosa, AL over time.
Alabama Current Interest Rate: 6.037% · National Avg: 6.041%
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Tuscaloosa, Alabama
Showing results for: 30-Year Fixed refinance offers for Single Family or Townhome properties in AL, total loan amount of $228,000.
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
When Should I Refinance to 30-Year Fixed in Tuscaloosa?
In Tuscaloosa's hot market with 13% annual appreciation, refinance when you can reduce your rate by 0.75%+ or access equity. If you purchased 2-3 years ago, rapid appreciation likely built substantial equity. Refinancing a $105,920 loan (80% of Tuscaloosa's $132,400 median) from 7% to 6% saves $70/month. With closing costs around $2,648, you break even in 38 months. The 30-year term keeps payments low while Tuscaloosa's appreciation builds equity automatically.
Should I Do Cash-Out Refinancing to 30-Year in Tuscaloosa?
With 13% appreciation in Tuscaloosa, cash-out refinancing makes sense if you have substantial equity. If your home appreciated from $132,400 to $152,260 over 3 years, you could access up to $15,888 while keeping 20% equity. Popular uses: high-ROI renovations (which compound with Tuscaloosa's growth), investment properties, debt consolidation. Cash-out 30-year rates run 0.25-0.5% higher than rate-and-term, but the extended term keeps payments manageable even with a larger loan balance.
How Much Will I Save Refinancing to 30-Year in Tuscaloosa?
Monthly savings depend on your rate reduction. Refinancing $105,920 from 7% to 6% saves $70/month in principal and interest. However, your total PITI payment in Tuscaloosa includes $45/month property tax (at 0.41% of home value). Your actual payment drops from approximately $900 to $830 total. Over 30 years, you'll save over $25k in interest-plus Tuscaloosa's appreciation builds additional equity.
What Are 30-Year Refinance Closing Costs in Tuscaloosa?
Closing costs in Tuscaloosa typically run 2-3% of your loan amount. On a $105,920 refinance, expect $2,118-$3,178, including appraisal ($400-700), title insurance, lender fees (0.5-1%), and escrow setup. Divide closing costs by monthly savings to find break-even: $2,648 ÷ $70 = 38 months. In hot markets like Tuscaloosa, strong appreciation shortens effective break-even since rising home values increase refinanceable equity over time.
How Does Tuscaloosa's Property Tax Affect 30-Year Refinancing?
Property taxes at 0.41% of Tuscaloosa's home values add $45/month to a median-priced home. When refinancing to a 30-year fixed, your principal/interest payment changes but property tax stays constant. If you're quoted a new rate, calculate P&I savings ($70 in our 7%→6% example), then add back property tax and insurance for true monthly cost. Also remember: as Tuscaloosa homes appreciate 13% annually, your assessed value-and thus property tax-may increase over the loan's life.