• Home prices and mortgages rates make for lower monthly payments, but down payments and other terms are up.
• The total cost of homeownership, as a share of a borrower’s income, is the same today as it was during the height of the housing mania.
• The conclusions are in a study by Andrew Davidson and Alexander Levin of mortgage consulting firm Andrew Davidson & Co.

From the article: Home prices and mortgage rates have made monthly mortgage payments lower than at any time in the past decade. But housing isn’t any more affordable than it was five years ago, during the go-go lending days, after factoring in down payment requirements and other financing terms, according to a new paper.