a better measure of affordability is not the rate but the percentage of salary to service your mortgage
in 1991 for FTB it was 60% in 2006 it peaked at near 140%.
Source
Ratio of House Prices to Income | Finance Blog
now I'd rather have 40% left over from what I earn than be sinking deeper in debt.
there is always a different way of looking at life than just plain figures on paper, whilst this also brings it back to what Mancie says people feeling like they have cash in their pockets is a good thing and quite addictive but the reality is that it is unsustainable long term to live beyond your immediate means.