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Waiting for Lower Mortgage Rates Could Cost Los Angeles First-Time Homebuyers More Than They Expect

October 02, 2026

Los Angeles first-time homebuyers face high home prices and mortgage rates, with the median home price at $946,950 and average 30-year fixed rates at 6.67%. Waiting for rates to drop is risky since rates can also rise, affecting affordability. Key factors impacting loan eligibility and costs include down payment size, assistance programs, and borrower credit and reserves. Buyers should base decisions on financial readiness, not rate predictions.

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