This is a false assumption. True, mortgage rates right now are at an all time low, but ony for thse who meet underwriting guidelines that are historically stringent. A late student loan payment or an unfavorable LTV, and you don't qualify. Underwritng standards even in the 1990's were more relaxed probably due to comopetition. You had many sources of potential funding for mortgages that filled niches - say if you had one late student loan payment, but otherwise qualified. Now, all you have is government programs. You can't argue with city hall, if you don't qualify. Once you have tried, you end up asking, "Who is John Gault?"
Not really. I do this for a living; people I see are probably more qualified than before; they have cleaned up their credit.
We may hassle you more for more documentation; but it's not that hard to get qualified overall.