There's an ad for LowerMyBills.com ("As Featured on the Oprah Winfrey Show") running along the side of the article I'm reading on the New York Times Web site right now which says, and I quote, "Mortgage Rates Fall Again In Washington DC! $510,000 mortgage for under $1,498/Month!"
If you were to buy a house today for $510,000 and put five percent down on a 30-year fixed mortgage at the going rate (6.33%), the monthly payment would be $3,008 per month.
This is one of the reasons people are losing their homes right now. I'm not saying there aren't others, or that consumers bear no responsibility for knowing what they're getting into when they borrow. But come on.
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