Los Angeles remains one of the most expensive housing markets, with median home prices around $860,000 and statewide median at $914,810. Mortgage rates significantly impact affordability, especially for jumbo loans common in high-cost areas. Rates vary by lender based on credit and loan details, making shopping around crucial. California offers assistance programs like CalHFA to help with down payments. Buyers should lock in rates when finding suitable properties rather than trying to time the market.