Buying a home in Los Angeles was already difficult. This week, it got even more expensive.
The average 30-year mortgage rate reached 7.03%, meaning families looking to buy a home are facing thousands of dollars in additional borrowing costs.
For families in neighborhoods across our district, higher rates can be the difference between being able to afford a home and having to keep waiting.
At the same time, families are dealing with higher prices on everyday goods and higher energy costs. All of it puts additional pressure on household budgets.
Housing should be within reach for working families, not a dream that keeps getting pushed further away.