I see and hear many misleading ads these days touting mortgage interest rates are at the lowest point in history and unfortunately many consumers are naive to the loan programs that are being referenced. The Truth in Lending Act requires that if "triggering terms" (eg. rates or payment) are quoted so must the fine print (eg. APR and terms). The FTC recently published this consumer alert warning potential borrowers of the tricks of the trade, recommended reading for anyone thinking of purchasing or refinancing.
BTW: the loan program they are most likely advertising is one I would only recommend to a seasoned investor looking to keep his/her cash flow... Here is all you ever needed to know about NegAm. Gotta love Wiki : )
You know what they say... "If it sounds too good to be true it probably is."